realtor business plan 2022

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7 Steps to Writing a Real Estate Business Plan (+ Template)

As a licensed real estate agent in Florida, Jodie built a successful real estate business by combining her real estate knowledge, copywriting, and digital marketing expertise. See full bio

• Do Agents Really Need a Business Plan?
• Write a Real Estate Business Plan in 7 Easy Steps
• Identify Who You Are as a Real Estate Agent
• Analyze Your Real Estate Market
• Identify Your Ideal Client
• Conduct a SWOT Analysis
• Establish Your SMART Goals
• Create Your Financial Plan
• Track Your Progress & Adjust as Needed
• Bringing It All Together

Are you ready to take your business to the next level? I’ve got just the thing to help you— a foolproof real estate business plan. But before you start thinking, “Ugh, not a boring business plan for real estate,” hear me out. I’ve got a template that’ll make the process a breeze. Plus, I’ll walk you through seven easy steps to craft a plan to put you ahead of the game and have you achieve your wildest real estate dreams in no time. Your success story starts now.

Key Takeaways:

• A well-crafted business plan is your roadmap to success. It guides your decisions and keeps you focused on your goals.
• Create a solid plan by defining your mission, vision, and values, analyzing your market and ideal client, conducting a SWOT analysis, setting SMART goals, and creating a financial plan.
• Regularly track your progress, review your key performance indicators (KPIs), stay flexible, and seek accountability to ensure long-term success.
• Remember, your Realtor business plan should evolve with your business. Embrace change and stay focused on your goals to make your real estate dreams a reality.

Do Agents Really Need a Real Estate Business Plan?

Absolutely. Your real estate agent business plan is your roadmap to success. Without it, you risk losing direction and focus in your real estate career.

A well-crafted business plan helps you:

• Understand your current position in the market
• Set clear and achievable goals
• Create a roadmap for success
• Track your progress and performance
• Make informed decisions and adjustments

Think of your real estate business planning as your GPS, guiding you from your current situation to your desired destination. It serves as your North Star, keeping you focused and on track, even in challenging times. Invest the time to create a solid business plan, and you’ll be well-positioned to succeed in your market and achieve your goals. Your future self will appreciate the effort you put in now.

Before we dive into this section, get our real estate business plan template ( click here to go back up to grab it ) and work through it as I explain each section. I’ll give you some direction on each element to help you craft your own business plan.

1. Identify Who You Are as a Real Estate Agent

Let’s start with your “why.” Understanding your purpose for choosing real estate is crucial because it is the foundation for your business plan and guides your decision-making process. Defining your mission, vision, and values will help you stay focused and motivated as you navigate your real estate career.

Mission: Your mission statement defines your purpose for choosing real estate. It clearly states what you’re trying to do, the problem you want to solve, and the difference you want to make.

Ex: Wanda Sellfast’s mission is to empower first-time homebuyers in Sunnyvale, California, to achieve their dream of homeownership and build long-term wealth through real estate.

Vision: Your vision statement focuses on the ultimate outcome you want to achieve for your clients and community.

Ex: Wanda Sellfast’s vision is a Sunnyvale, where everyone has the opportunity to own a home and build a stable, secure future, creating a more inclusive and prosperous community for all.

Values: Your core values are the guiding principles that shape your behavior, decisions, and interactions with clients and colleagues.

Ex: Wanda Sellfast’s core values include:

• Integrity: Being honest, transparent, and ethical in all dealings.
• Dedication: Being devoted to clients’ success and going the extra mile.
• Community: Building strong, vibrant communities and giving back.

Clearly defining your mission, vision, and values lays the foundation for a strong and purposeful real estate business that will help you positively impact your clients’ lives and your community.

2. Analyze Your Real Estate Market

As a real estate pro, you must deeply understand your local market. This knowledge includes knowing key metrics such as average days on market, average price points, common home styles and sizes, and demographic trends. When someone asks about the market, you should be able to confidently roll those numbers off your tongue without hesitation.

To quickly become the local expert, choosing specific farm areas to focus on is crucial. Concentrate your marketing efforts and build your local knowledge in a handful of communities and neighborhoods.

Some places to do research include:

• Your local MLS: Check your hot sheet daily
• Zillow: Check out the Premier Agents who show up in your neighborhood
• Social media: Who is targeting their posts to your area?
• Direct mail: Check your mailbox for flyers and postcards
• Drive by: Drive through your farm areas to see who has signs in yards

Once you’ve identified your target areas, start conducting comparative market analyses (CMAs) to familiarize yourself with the properties and trends in those neighborhoods. That way, you’ll provide accurate insights to your clients and make informed decisions in your business.

Remember to research your competition. Understand what other agents working in the same area are doing, who they’re targeting, and identify any gaps in their services. This understanding will help you differentiate yourself from your competition and better serve your clients’ needs. In our real estate business planning template, I ask you to examine and record:

• Trends: Track key metrics, such as days on market and average sold prices, to stay informed about your specific market.
• Market opportunities: Identify situations where there are more buyers and sellers (or vice versa) in the marketplace so you can better advise your clients and find opportunities for them and your business.
• Market saturation: Recognize areas where there may be an oversupply of certain property types or price points, allowing you to adjust your strategy accordingly.
• Local competition: Analyze your competitors’ strengths, weaknesses, and gaps in their services to identify opportunities for differentiation and possibilities to create a more meaningful impact.

Remember, real estate is hyper-local. While national and state news can provide some context, your primary focus should be on specific needs and trends within your target areas and the clients you want to serve. By thoroughly analyzing your local real estate market, you’ll be well-equipped to make informed decisions, provide valuable insights to your clients, and ultimately build a successful and thriving business.

3. Identify Your Ideal Client

When creating your real estate business plan, it’s crucial to identify your ideal client. You can’t be everything to everyone, no matter how much you think you should. And trust me, you certainly don’t want to work with every single person who needs real estate advice. By focusing on your ideal client, you’ll create a targeted marketing message that effectively attracts the right people to your business—those you want to work with. 

Think of your target market as a broad group of people who might be interested in your services, while your ideal client is a specific person you are best suited to work with within that group. To create a detailed profile of your ideal client, ask yourself questions like:

• What age range do they fall into?
• What’s their family situation?
• What’s their income level and profession?
• What are their hobbies and interests?
• What motivates them to buy or sell a home?
• What are their biggest fears or concerns about the real estate process?

Answering these questions will help you create a clear picture of your ideal client, making it easier to tailor your marketing messages and services to meet their needs. Consider using this ideal client worksheet , which guides you through the process of creating a detailed client avatar. This will ensure you don’t miss any important aspects of their profile, and you can refer back to it as you develop your marketing plan .

By incorporating your ideal client into your overall business plan, you’ll be better equipped to make informed decisions about your marketing efforts, service offerings, and growth strategies. This clarity will help you build stronger relationships with your clients, stand out from the competition, and ultimately achieve your real estate business goals.

4. Conduct a SWOT Analysis

If you want to crush it in this business, you’ve got to think like an entrepreneur. One of the best tools in your arsenal is a SWOT analysis. It sounds ominous, but don’t worry, it’s actually pretty simple. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It’s all about taking a good, hard look at yourself and your business.

By conducting a SWOT analysis as part of your real estate business plan, you’ll have a clear picture of your current situation and your future goals. And don’t just do it once and forget about it—review and update it regularly to stay on top of your game.

5. Establish Your SMART Goals

If you want to make it big in real estate, setting goals is an absolute must . But not just any goals— I’m talking about SMART goals . SMART stands for Specific , Measurable , Achievable, Relevant , and Time-bound . It’s like a recipe for success, ensuring your goals are clear, realistic, and have a deadline.

Your SMART goals are an integral part of your overall business plan for real estate. They should be stepping stones to help you achieve your long-term vision and mission. So, analyze your SWOT analysis, ideal client, and market, and craft goals that will help you dominate your niche.

Example Smart Goal: Close 10 transactions in the next quarter.

Make sure to provide as many details as possible behind your goals. Don’t just say, “I want to sell more houses.” That’s too vague. In the example above, the goal is specific: “close 10 transactions.”

If you can’t measure your progress, how will you know if you’re crushing it or falling behind? Ensure your goals have numbers attached to track your success or see where you need to focus more energy. “Close 10 transactions” has a specific number, so you have a way to measure your progress.

I know you’ve got big dreams for your real estate business , but Rome wasn’t built in a day. Set goals that stretch you beyond your comfort zone but are still achievable. This way, you’ll gain confidence, build momentum, and push yourself to new heights. Closing 10 transactions in a quarter is a lofty goal, but it’s still achievable. Your goals should stretch you but still be within your reach.

Relevant goals are the ones that actually move the needle for your business. Sure, becoming the next TikTok sensation might be a lot of fun, but unless TikTok generates most of your clients, it won’t help you close more deals. Your goals should be laser-focused on the activities and milestones that will help you grow your real estate career. In the example above, the goal is specifically related to real estate. 

Deadlines are your friend. Without a timeline, your goals are just wishes. Give yourself a precise end date and work backward to create a plan of action. In the example, the deadline for achieving the goal is the end of the current quarter. If you don’t achieve the goal, you can evaluate where the shortfall was and reset for the next quarter.

“Setting goals is the first step in turning the invisible into the visible.”

Tony Robbins

Remember, just like your SWOT analysis, your goals aren’t set in stone. Review and adjust them regularly to stay on track and adapt to business and market changes.

6. Create Your Financial Plan

Financial planning might not be your idea of a good time, but this is where your real estate business plan really comes together. Thanks to all the research and strategizing you’ve done, most of the heavy lifting is already done. Now, it’s just a matter of plugging in the numbers and ensuring everything adds up.

In this real estate business plan template section, you’ll want to account for all your operating expenses. That means everything from your marketing budget to your lead generation costs. Don’t forget about the little things (like printer ink, file folders, thank you cards, etc.)—they might seem small, but they can add up quickly. Some typical expenses to consider include:

• Marketing and advertising (business cards, website , social media ads )
• Lead generation ( online leads , referral fees, networking events )
• Office supplies and equipment (computer, printer, software subscriptions )
• Transportation (gas, car maintenance, parking)
• Professional development (training, courses, conferences )
• Dues and memberships (MLS fees, association dues)
• Insurance (errors and omissions, general liability)
• Taxes and licenses (business licenses, self-employment taxes)

Once you’ve figured out your expenses, it’s time to reverse-engineer the numbers and determine how many deals you need to close each month to cover your costs. If you’re just starting out and don’t have a track record to go off of, no worries! This planning period allows you to set a budget and create a roadmap for success.

Pro tip: Keep your personal and business finances separate. Never dip into your personal cash for business expenses. Not only will it make tax time a nightmare, but it’s way too easy to blow your budget without even realizing it.

If you’re evaluating your starting assets and realizing they don’t quite match your startup costs, don’t panic. This new insight is just a sign that you must return to the drawing board and tweak your strategy until the numbers line up. It might take some trial and error, but getting your financial plan right from the start is worth it.

7. Track Your Progress & Adjust as Needed

You’ve worked hard and created a killer real estate business plan, and you’re ready to take on the world. But remember, your business plan isn’t a one-and-done deal. It’s a living, breathing document that needs to evolve as your business grows and changes. That’s why it’s so important to track your progress and make adjustments along the way. 

Here are a few key things to keep in mind:

• Set regular check-ins: Schedule dedicated time to review your progress and see how you’re doing against your goals, whether weekly, monthly, or quarterly.
• Keep an eye on your KPIs: Your key performance indicators (KPIs) are the metrics that matter most to your business. Things like lead generation, conversion rates, and average sales price can give you a clear picture of your performance.
• Celebrate your wins: When you hit a milestone or crush a goal, take a moment to celebrate. Acknowledging your successes will keep you motivated and energized.
• Don’t be afraid to pivot: If something isn’t working, change course. Your real estate business plan should be flexible enough to accommodate new opportunities and shifting market conditions.
• Stay accountable: Find an accountability partner, join a mastermind group, or work with a coach to help you stay on track and overcome obstacles.

“It’s the small wins on the long journey that we need in order to keep our confidence, joy, and motivation alive.”

Brendon Burchard

Remember, your real estate business plan is your roadmap to success. But even the best-laid plans need to be adjusted from time to time. By tracking your progress, staying flexible, and keeping your eye on the prize, you’ll be well on your way to building the real estate business of your dreams.

How do I start a real estate business plan?

Use this step-by-step guide and the downloadable real estate business plan template to map your business goals, finances, and mission. Identify your ideal client so you can target your marketing strategy. Once you’ve completed all the business plan elements, put them into action and watch your real estate business grow.

Is starting a real estate business profitable?

In the most simple terms, absolutely yes! Real estate can be an extremely profitable business if it’s run properly. But you need to have a roadmap to follow to keep track of your spending vs income. It’s easy to lose track of expenses and overextend yourself when you don’t have a set plan.

How do I jump-start my real estate business?

One of the easiest ways to jump-start any business is to set clear goals for yourself. Use this guide and the downloadable template to ensure you have clear, concise, trackable goals to keep you on track.

How do I organize my real estate business?

Start by setting some SMART goals to give yourself a concrete idea of what you see as success. Then, make sure you’re using the right tools—customer relationship manager (CRM), website, digital document signing, digital forms, etc., and make sure you have them easily accessible. Try keeping most of your business running from inside your CRM. It’s much easier to keep everything organized if everything is in one place.

Now, you have a step-by-step guide to creating a real estate business plan that will take your career to the next level. Taking the extra time to map your path to success is an essential step in helping you achieve your goals. Spend the extra time—it’s worth it. Now, it’s time to do the work and make it happen. You’ve got this!

Have you created your real estate business plan? Did I miss any crucial steps? Let me know in the comments!

As a licensed real estate agent in Florida, Jodie built a successful real estate business by combining her real estate knowledge, copywriting, and digital marketing expertise.

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I believe you should always start working on your next year strategy months in advance of the new year. This awards you enough time to make an impact on your final quarter, and lay the groundwork for making sure your next fiscal year starts off on a solid footing. For agents who want to achieve greatness, push the envelope, and grow their business through market share, market penetration, paying down debt, increasing sales, profits and cash flow, I urge you to get going now! The way I see things is, if your business isn’t growing, pushing the envelope, thriving, and maximizing profit, then all you’re really doing is suffering a slow death.

Believe me, your competition is fighting the fight every day, and they didn’t wake up in the morning and say “ Gosh, golly, I hope I stay even in 2022. ” They want to eat your lunch, take your business, absorb your market share and steal your customers away.

Some people might ask me if they should start planning by looking at their competition, and I say NO. Why focus on the competition, instead of focusing on yourself? When it comes to my business, I don’t care what others do. I care about what I do. Recognize your competition for what and who they are, and then put your best foot forward by pushing the envelope in your business. You should approach the new year as if you are going to battle, and for that you should develop a strategic plan.

Business Plan – a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.

FACT: LESS THAN 3% OF REAL ESTATE AGENTS HAVE A BUSINESS PLAN

FACT: ESTIMATED 3% OF REAL ESTATE AGENTS IN NORTH AMERICA DO 97% OF THE BUSINESS

“If you fail to plan, you plan to fail. ” Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you are on track to meet your goals. It is that time of year again when we begin to build our plan for 2020 so let’s look at the key areas of the agent’s solid business plan.

Business Plan for the Successful REALTOR©

Step 1) “Success and history always leaves us clues.”

I began by looking back to identify the clues that have been left for us and the business. I would look at the real estate market first and search for the following clues.

What have the number of sales been doing the last year? 2-5 years? Up? Down?

What have the number of listings been doing the last year? 2-5 years? Up? Down?

What have the average and median prices been doing?

What price ranges are experiencing more activity? Less activity?

What neighborhoods or areas are experiencing more activity? Less Activity?

What property types are selling more? Less?

What buyer types are buying more?

Where are the buyers coming from? Local? Next state or province? Over Seas?

Imagine the targeted and strategic plan you would be able to build for you and your real estate business with this kind of information? Now you are not just winging it. You really know where and what to focus on.

Step 2) Looking At The Present State of Your Own Real Estate Business

What have my sales been doing? Up? Down?

What have my listings been doing? Up? Down?

What is my average price? Can I raise my average selling price?

What is my Gross Commission Income doing?

What is my average deal worth?

Where are my listings and sales coming from? Sources of business?

What types of buyers do I represent?

Where are the buyers coming from? Local? Out of area?

What are my pending sales?

What do I have for potential buyers and sellers?

What is working? What is not working?

What do I need to start doing again? Stop doing?

What if you took the time to really track and measure and reflect on your business at a deeper level and see your strengths, weaknesses and opportunities of yourself and your own business?

Step 3) Activity Plans – Take the time to lay out your activity plan calendar a year in advance.

Focus on the activities you know you are good at and you see a return on your invested time and money. I am guessing for most agents it would be your sphere of influence, referrals and face to face or voice to voice activities. Set up a schedule for a month or two in advance of your activities for generating business. What is the activity? When? How? To Whom? Track and measure each of these scheduled activities to help identify the best of the best.

Step 4) Budgeting – Profit is the goal in business.

Knowing what your personal life and your business world cost you monthly is so important. Expense management is just as important as your income and earnings. Have a clear picture of your expenses and measure all of them for their return on investment or if they can be reduced in any way. I understand this my be terrifying for most of us to see what we are spending personally and professionally but it is the foundation of your business plan to know what your personal and professional lives cost and then be able to set a financial target that is enough to cover them both and leave you some profit! So many of us stay away from this and run in a deficit and that is not good practice for any of us.

Step 5) Goals – If your “ Why ” is big enough the “ how ” will take care of itself.

What is your purpose? Vision? Values? Mission Statement? Taking the time to know what it is you want and why you want it is a game changer for us all. Nothing gives me more joy than impacting and improving people’s lives personally and professionally every day. I have realized that the driving compelling force in my life is serving others and having the means to create memorable experiences with the people I care about most and nothing else has given me more joy than these amazing WHY’s in my own life.

In my own real estate business, taking the time over the last 25 years to create a business plan has been so incredibly beneficial for me and I know it will for you as well. In today’s post I have given you a brief business plan overview. To help you get going with your own plan I put together a Step-by-Step Real Estate Business Plan Workbook you can download for

Strength and courage, Wade

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Ultimate Guide: 11 Points to Writing a Real Estate Business Plan

Failing to plan is planning to fail. Your business plan is the GPS for success. Instead of wandering, push towards your goals and objectives with clear direction. Developing a real estate business plan is critical to forming a healthy and sustainable business. 

A real estate business plan is an important step for any real estate agent looking to build a successful career in the industry. While there is no one-size-fits-all approach, there are certain key elements that should be included in any plan. First and foremost, it is essential to set clear goals and objectives.

A study of 2,877 business owners found that companies are twice as likely to secure loans and funding if they have a business plan and 75% more likely to grow. Another study showed that 64% of companies who created a plan increased their businesses, compared to 43% of companies that hadn't yet finished a plan. 

Your own business plan is an essential tool for any business, small or large. Real estate agents use business plans to map their marketing strategies, target their advertising, and track their progress. A business plan helps agents set goals and stay on track throughout the year. It is also a valuable reference point when meeting with clients and potential investors. 

While there are many different ways to create a real estate business plan, certain elements should be included in every scenario. These elements include an overview of the business, the company's goals and objectives, a marketing strategy, and a financial analysis. By having these key components, companies can ensure that their real estate business plan is comprehensive and will help them achieve their desired results.

Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than three months on their plan . With any longer proving futile. So, how do you write a business plan for your real estate business without getting bogged down in the details? In this post, we'll look at actionable steps agents and brokers can take to outline, execute and measure the performance of a business plan.

As a real estate agent, you know that the housing market can be unpredictable. You need to be prepared for the ups and downs of the market, and one way to do that is to have a business plan. Your business plan will help you set goals and track your progress. It will also force you to think about the costs of running your business and how you will generate leads. There are many online resources that can help you write a business plan, but the most important thing is to get started. By taking the time to write a plan, you will ensure that your business is ready for whatever the housing market throws your way.

What is a real estate business plan?

A business plan is a written document that captures the future of your business. It details what you plan and how you plan to do it.

Real estate business plans are essential for two reasons. First, they provide a road map for agents to follow as they work to build their businesses. Second, they force agents to think through all the crucial aspects of their business, such as their marketing efforts, target market, and financial goals. 

By taking the time to write a Real Estate Business Plan, agents can ensure that they are taking all the necessary steps to build a successful business.

A Real Estate Business Plan is an essential tool for any business, whether you are just starting or have been in business for years. There are many benefits to creating a Real Estate Business Plan, including: 

• Having a Real Estate Business Plan forces you to take a step back and assess your business as a whole. It allows you to see where your business stands, and identify any areas that need improvement.
• A Real Estate Business Plan provides a roadmap for your business. It can help you to set goals and track your progress over time.
• A Real Estate Business Plan can help secure your business funding. If you seek investment from Venture Capitalists or Banks, they will often require a copy of your business plan before considering your request.
• A Real Estate Business Plan can help you to attract and retain top talent. If you are looking to hire employees or contractors, having a well-crafted business plan can be a significant selling point.
• A Real Estate Business Plan can be a valuable tool for managing day-to-day operations. A clear and concise plan can help you better decide where to allocate resources and how to utilize your team's time and talents best.
• A Real Estate Business Plan can help you to measure and track your marketing efforts. By setting specific goals and objectives, you can more effectively gauge the success of your marketing campaigns and make necessary adjustments along the way.
• A Real Estate Business Plan can serve as a valuable sales tool. A professional business plan can give you a significant competitive advantage if you are looking to sell properties or convert leads into clients.
• A Real Estate Business Plan helps to keep you organized and on track. Trying to run a successful real estate business without a plan is like trying to drive from New York to Los Angeles without a map - chances are, you'll get lost along the way!

Having a Real Estate Business Plan gives you credibility in the eyes of others. If you are working with other professionals such as lenders, appraisers, or title companies, having a well-developed business plan shows that you are serious about your business and increases the likelihood that they will want to work with you in the future.

Last but not least, creating a Real Estate Business Plan is empowering! Taking the time to develop a comprehensive plan shows that you believe in yourself and your business and sets the foundation for long-term success.        

Precisely, it conveys your business goals, the strategies and tactics you'll use to achieve them, potential problems you may run into along the way and how to overcome them, roles and responsibilities, SWOT analysis, and measurement strategies.

What should a real estate business plan include?

Real estate business plans are different from traditional business plans. 

Real estate agents need to focus on their target market, their uniqueness, and how they will succeed against the competition. Real estate business plans should also include an analysis of the current market conditions and the potential for growth in the future. In addition, real estate agents should outline their marketing strategy and have a budget for advertising and promotions. By taking the time to create a comprehensive business plan, real estate agents can increase their chances of success in this competitive industry.

Real estate business plans vary in length and complexity, but all should include the following elements: 

• An overview of the real estate market 
• A description of the agent's target market 
• A marketing plan 
• A financial plan 
• A discussion of the agent's competitive advantages 

Real estate business plans provide a roadmap for agents to achieve their goals. They should include specific strategies for generating leads, marketing properties, and closing deals. The business plan should also outline the agent's budget and target income. Additionally, the real estate business plan should set forth a schedule for prospecting, listing appointments, and open houses. By following a real estate business plan, agents can increase their chances of success in real estate.

How do you assemble a real estate business plan?

A business plan is essential for any real estate business, whether you're just starting out or have been in the industry for years. It provides a roadmap for your business, laying out your goals and strategies for achieving them. But how do you go about assembling a business plan?

First, you'll need to identify your target market. Who are you trying to reach with your real estate business? Once you know your target market, you can start developing your marketing strategy. What methods will you use to get potential clients? How will you differentiate yourself from other real estate businesses in your area?

Next, you'll need to put together a financial plan. What are your revenue sources? How much money do you expect to bring in each month? What are your expenses? How much do you need to save for a rainy day? A clear financial picture will help you make sound decisions for your business.

Lastly, don't forget to include a personal development plan. What skills do you need to improve to succeed in the real estate business? What classes or training programs can you take to close more deals and earn more commissions? A well-rounded business plan will help ensure your real estate business is booming.

Writing a Real Estate Business Plan in 11 Easy Steps

1. write a detailed business description.

There's a story and context behind your business, and the business description is where that should shine. Write a brief overview of your Real Estate business. Include your business goals and how you plan on achieving them. Then create a description of your company, including its history, structure, and other relevant information.

The mission statement is part of the business description — which helps keep the rest on the track. Many mission statements follow a familiar format, like:

"To be the best, full-service Real Estate company in the Triangle and to enhance our quality of life through active community involvement.".

In a microstudy of 200 mission statements, it was found that mission statements most often talk about the company's dedication to customers (85%), shareholders (37%), employees (21%), and society (3%).

As well as a defined mission statement, make sure to include:

• When you were founded
• Where you are located
• Who the leaders are
• Special advantages/partnerships
• Market opportunities
• Legal structure

A very brief real estate business description example is:

"Norris & Company Real Estate is Vero Beach's premier upscale real estate firm. They specialize in luxury waterfront homes and condominiums, particularly in Vero Beach and Indian River County, FL."

2. Market Analysis

Research the Real Estate market in your area and identify any trends or opportunities. Include this information in your business plan.

Real estate agents must constantly be aware of the market conditions in their area to serve their clients best. Agents can provide expert guidance and advice by understanding the trends and opportunities.

When writing your Real Estate business plan, including a comprehensive analysis of the market conditions in your area. It will help you better understand your client's needs and identify potential opportunities.

Your market analysis should include:

• An overview of the Real Estate market in your area
• Identification of any trends or opportunities
• An explanation of how you will address these trends or options in your business plan

By including this information in your Real Estate business plan, you will be able to show potential clients that you are knowledgeable and prepared to help them navigate the Real Estate market.

3. Perform a SWOT Analysis

A SWOT analysis is a technique used to identify and define several key characteristics that will impact your business: Strengths, Weaknesses, Opportunities, and Threats.

Think of it this way:

Strengths and Weaknesses are internal. Threats and Opportunities are external.

An analysis can be as simple as making lists of items under each category.

For example, a strength could be a solid and experienced sales team, while a weakness might be that your business is expensive to run because you haven't nurtured supplier relations.

It could be as simple as filling four sheets of paper with descriptions of the strengths, weaknesses, opportunities, and threats — collaboratively or alone. To make the answers clearer and the exercise more manageable, you can use questions like:

• What do our competitors do better than us? Threat .
• What's our unique selling point? Strength .
• Why have customers churned in the past? Weakness .
• Which markets are underserved in your territory? Opportunities .

4. List Your #1 SMART Goal

It's great to be ambitious, but focusing on one goal makes it easier to stay motivated, track progress, and see the measurable effect of achieving it. Even better if that goal is a SMART Specific, Measurable, Attainable, Realistic, and Timed – goal.

Examples of SMART goals you might set for your growing real estate business are:

• Build a new real estate website in the next three months
• Hire and onboard three new SDRs in the next six months
• Increase monthly leads by 50% by next year
• Sell ten houses in the Dallas metro area in the next 30 days.

Pick one at a time and focus on it! Sticking to an achievable goal with a time limit makes it more likely to come to fruition. And, even just writing it down makes you 42% more likely to attain it.

5. Identify Your Market Niche

Before setting out your facts and figures, it's essential to spotlight your target market and how you'll serve this niche. It helps you decide what's realistic and feasible to achieve in your business plan.

Determining your market niche is a fancier way of saying: Who are your services best suited to? While honing in on a narrow target seems a little exclusionary, niche marketing can save you time, effort, and money on marketing.

One tool to help you define your market is a buyer persona. A persona is a fictional typification of your ideal customer, with information that enables you to steer your sales and marketing in the right direction.

It's essential to assess your niche and ensure it is consistent with the market in your area.

For example, if you've decided to focus on first-time buyers, do some research to look at relevant stats and figures:

• What percentage of sales in your market were to first-time buyers in the last 12–14 months?
• What was the average sales price to first-time buyers?

Also, assess how competitive this market is:

• Are you the only agent catering to the young first-timer?
• Are you competing with well-known heavy hitters?

A competitive SEO audit can be a helpful starting point in finding your competitors in the online space, where almost all leads will turn at some point in the buying process.

6. Implementation Plan

Before you can begin implementing your real estate business plan, you must clearly understand your goals and objectives. What are you trying to achieve with your business? Are you looking to buy and hold properties for long-term appreciation, or are you more interested in flipping houses for a quick profit? 

Once you have a good idea of your goals, you can start to put together a plan for how to achieve them. For example, if you're interested in buying and holding properties, you'll need to generate enough income from rentals to cover the mortgage and other expenses. If you're more interested in flipping properties, you'll need to find motivated sellers and then negotiate deals that provide you with a healthy profit margin. 

Regardless of your goals, careful planning is essential for success in the real estate business.

Breaking your goals into action steps makes them more tangible and ensures you're making strides to fulfill them. Here are some keys to converting your real estate business plan into actual business practices.

7. Monitoring & Evaluation

Successful real estate businesses have a plan to monitor and evaluate their progress. This plan includes setting clear goals, measuring progress against those goals, and making adjustments as needed. Without this proactive approach, it can be challenging to identify areas of improvement or stagnation. 

Additionally, a well-executed monitoring and evaluation plan can help to keep employees focused and on track. By regularly assessing performance and goal progress, businesses can ensure that they are making the most of their resources and achieving their desired results. Ultimately, a sound monitoring and evaluation plan are crucial for any real estate business that wants to stay ahead of the competition.

8. Risk Management

Real estate investing comes with a certain amount of risk. But with a well-thought-out risk management strategy, you can minimize the potential for loss and maximize your chances for success.

One of the most critical aspects of risk management is diversification. Investing in various property types in different markets spreads your risk and increases your chances of finding a profitable investment.

Another critical element of risk management has a solid business plan. Thoughtfully consider each step of the real estate investing process, from finding deals to financing them to managing the properties. Have a clear exit strategy for each investment to know when to sell or refinance. And always remember to stay within your comfort level; don't let greed or fear make decisions for you.

With careful planning and discipline, you can create a real estate investment portfolio that withstands market fluctuations and generates long-term wealth.

9. Financial Plan

Having a sound financial plan for your business is essential. To assist you, we've created spreadsheets you can use to estimate goals, income, and expenses. You will find specific instructions in the spreadsheets, but here are some guidelines for creating a financial plan:

To create your plan, determine what your expenses will be.

Here are three main areas your expenses may fall into:

• Licensing: These expenses will include training, state exam fees, etc.
• Personal: This can consist of your wardrobe, technology fees (like computer and phone), and car fees.
• Business: Business expenses include broker fees, website and MLS fees, marketing, advertising, etc.

Our template divides these expenses into the startup and yearly costs to help you discern which payments will recur and which are one-time-only. Here's an example of what your startup expenses might look like.

Yearly expenses might include recurring costs like office rent, electricity bills, and annual license fees.

Estimating income is the biggest concern for most new agents. To do this, you must decide how much money you need to make in your first year and how much you would like that figure to grow. You will also need to research some basic statistics for your market, like the average sale price for homes.

Use our business plan template to help calculate these numbers.

Transactions and Leads 

To meet your income goals and cover expenses, you'll need to conduct a certain number of transactions. And, to complete a certain number of transactions, you'll need to work a set number of leads. There's no need to work this figure out by hand. ‍

Our template will automatically calculate the number of transactions and leads you will probably need to meet your goals. Still, you will have to assess these figures to decide whether they are reasonable. For example, if you plan to work part-time as an agent in your first year but need to close 20 transactions to meet your goals, you are unlikely to have enough time.

10. Create a Personal Development Plan

A personal development plan is an essential tool for any real estate business. By taking the time to assess your strengths and weaknesses, set goals, and create a roadmap for success, you can ensure that your business is on track to reach its full potential. While it may seem daunting, creating a personal development plan is simple. 

Start by taking stock of your current situation. What are your strengths and weaknesses? What are your goals for the future? Once you clearly understand where you are starting, you can begin to map out a plan of action. Set realistic goals and create a timeline for achieving them. Put together a resources list and ensure you have everything you need to reach your goals. Finally, implement your plan and monitor your progress along the way.

Remember, your development plan should be flexible and adapt as your needs change over time. With some planning and effort, you can create a roadmap for success that will help you achieve your long-term goals in the real estate business.

11. Write an Executive Summary that Captures the Vision

Your executive summary is an anchor point you can use to understand the overall goals, cement the parameters of your target market, and make decisions aligned with your plan. It's also a way to get inspired by your original vision.

For real estate, it would include points on:

• Target neighborhoods and price ranges
• Target clients and a brief description of the persona
• Brief marketing plan overview
• Market threats and opportunities

Think of the executive summary as the section of your business plan you would explain to a friend a football game when asked how you plan to make money as an agent or broker in your local town/ city or state.

Note: due to the specific details in the executive summary, this part of the business is typically one of the last completed items.

Real Estate Business Plan Template

If you're considering starting a real estate business, you'll need to create a business plan template. Here's a basic template that you can use to get started. Remember that your business plan should be tailored to your specific business and industry.

• Executive Summary

The executive summary is a brief overview of your business plan. It should include your company's mission statement and an overview of your products or services, target market, and growth strategy.

• Company Description

This section will provide an overview of your company, including its history, structure, and team. Be sure to include information on your company culture and values.

• Mission statement

In this section, you will summarize the reason for being and the guiding principles of your organization. For example: "We are a nonprofit that provides free legal aid to those in need." You can also provide a brief overview of what we want them (the users) to come into contact with. 

Why should they care about our mission or message by telling them why it is vital to their lives now and later down the line?

• Company goals

This section will provide a high-level overview of your company's top business goals for its first years in operation.

• Market Analysis

In this section, you will need to analyze your target market thoroughly. It should include information on your customers, your competition, and the overall industry.

• Product or Service

In this section, you will need to describe your product or service. Be sure to include information on your pricing strategy and any unique features or benefits your product or service offers.

• Marketing and Sales Strategy

In this section, you will need to outline your marketing and sales strategy. It should include information on how you plan to generate leads and convert them into customers.

• Operational Plan

This section will need to provide an overview of your business operations. It should include your production process and distribution and fulfillment strategy.

This section will briefly describe what your company offers to customers.

• Target customer

To effectively reach the people we want as customers, you must provide a clear overview of who they are and how your product or service can benefit them. In this section, I'll go over some questions worth asking yourself when determining who your potential clients may be. 

• Best Practices

Write out your ideal practices for how you'll deal with qualified leads versus unqualified leads, how quickly you'll follow up with interested parties, your methods for helping a leader throughout the final steps of the sales process, and how you'll stay in touch with customers after papers have been signed.

• Financial Plan

In this section, you will need to provide detailed financial information for your business. It should include your income, balance, and cash flow statements. The following will include startup expenses, assets, liabilities, capital, break-even analysis, and loan repayment.

• Exit Strategy

This section will need to provide an overview of your exit strategy. It should include information on how you plan to sell or exit your business in the future.

Individual Agent Real Estate Business Plan

Real estate agents need a business plan like any other entrepreneur. A real estate business plan outlines your goals, strategies, and how you plan on achieving them. It is essential to have a business plan because it will help you stay focused and on track. Real estate is a competitive industry, so you need to be able to stand out from the rest.

A business plan will also be helpful if you ever need to seek funding for your business. Investors and lenders will want to see that you have a well-thought-out plan before they give you money. 

Creating a Real Estate Business Plan is essential if you want to build a successful career in real estate. With our easy-to-use template, you can get started today and be on your way to achieving your long-term goals.

There are many benefits to creating a Real Estate Business Plan, including:

• Clarifying your goals and strategies
• Mapping out a clear road map for your business
• Identifying potential obstacles and solutions
• Helping you stay organized and on track
• Increasing your chances of success

So, if you are considering starting a real estate business, sit down and write a business plan. It will be worth it in the long run!

Real Estate Team Business Plan

Before you start your real estate team, it's essential to have a business plan in place. It will help you define your goals, map your strategies, and track your progress over time. While there is no one-size-fits-all approach to creating a business plan, certain key elements should be included. Here are a few of the most important things to keep in mind:

• Your team's mission statement: What sets your team apart from the competition? Why do you exist?
• Your target market: Who are you trying to reach with your services? What needs do they have that you can address?
• Your marketing strategy: How will you get your target market and communicate the benefits of working with your team?
• Your financial goals: How much revenue do you hope to generate? What are your expenses? How will you fund your business?

By thoughtfully developing your real estate team business plan, you'll increase your chances of success in an increasingly competitive industry.

Real Estate Brokerage Business Plan

A real estate brokerage business plan is a document that outlines the goals, strategies, and financial projections of a real estate brokerage business . It should include an executive summary, market analysis, business model, operational plan, and financial plan. The executive summary should briefly describe the company, its target market, and its competitive advantages. The market analysis should assess the size and growth potential of the target market. 

The business model should describe how the real estate brokerage plans to generate revenue. The operational plan should outline the business's day-to-day operations, including staffing and marketing initiatives. Finally, the financial plan should provide detailed information on the anticipated costs and revenues of the company. A well-crafted real estate brokerage business plan can be valuable for attracting investors and achieving long-term success.

Remember that your business plan is a living document that should be updated as your company grows and evolves. Regularly reviewing and revising your business plan ensures that your real estate brokerage is always moving in the right direction.

Ready. Set. Plan

Whether you've got a ready-to-execute business plan or it's still being drafted, the most important thing is to start now — and fast.

At its core, a real estate business plan should outline the steps necessary to achieve specific goals, such as increasing sales or expanding into new markets. It should also identify potential obstacles preventing the business from achieving its objectives. By taking the time to create a comprehensive business plan, real estate businesses can increase their chances of weathering storms and coming out on top in the long run.

A business plan puts you on a clear track that makes your business 75% more likely to grow.

By following the above points, you'll be well on writing a comprehensive Real Estate Business Plan.

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10 Things Your Real Estate Business Plan Needs (FREE Template)

A real estate agent business plan is essential for success in today’s competitive market. It helps you set clear goals, define your vision, and outline the steps to achieve short-term and long-term objectives. As a real estate professional, having a well-crafted business plan can be the difference between being a top producer and struggling to make ends meet.

In your business plan, you’ll want to start by creating a vision statement that outlines the purpose of your real estate business and reflects your values. Setting firm goals will help you stay accountable and focused, allowing you to adapt to market changes or growth and remember that your business plan should be fluid and up-to-date to stay aligned with your ultimate objectives.

Your real estate agent business plan should be thorough, covering various aspects such as market analysis, organization structure, and marketing strategies. By having a comprehensive plan, you’ll be better equipped to navigate the challenges and seize the opportunities that come your way, ensuring your real estate business flourishes.

Understanding Your Target Market

Identifying your ideal client.

Understanding your target market is crucial to establish a successful real estate business plan. Begin by identifying your ideal client. Consider factors that may define your target clients, such as age, income level, family status, and property preferences. Reflect on your strengths as an agent and which clients you connect best with. This will help you focus your marketing efforts and create tailored strategies for your target audience.

Market Segmentation

Market segmentation divides your target market into smaller, more specific groups based on shared characteristics. In real estate, you can segment your market into categories such as:

• First-time homebuyers
• Empty nesters

By segmenting your market, you can tailor your services and communication strategies according to the unique needs of each group. This will lead to more effective marketing efforts and a better understanding of your potential clientele.

Analyzing Local Market Trends and Opportunities

Gather data on your local real estate market to identify trends and opportunities for your business. Analyze factors like:

• Market growth
• Market saturation
• Local property values
• Employment rates
• Infrastructure development
• Population demographics

By analyzing local market trends, you can identify areas with potential growth or areas that are becoming overly saturated. Use this information to adapt your services and expertise to market conditions, helping you stand out among competitors and position yourself as an expert in your niche.

Remember, a comprehensive understanding of your target market is essential for shaping your real estate agent business plan. By identifying your ideal clients, segmenting the market, and analyzing local market trends and opportunities, you’ll be better equipped to create tailored marketing strategies and make informed business decisions. This will ultimately contribute to the success and growth of your real estate business.

Lead Generation Strategies

Building an online presence.

To create a robust lead generation plan, build a strong online presence. A real estate agent must have a well-designed and user-friendly website to capture leads. Keep these factors in mind:

• Make sure your website reflects your branding and expertise
• Optimize your site for search engines to enhance its visibility in search results
• Include clear calls-to-action (CTAs), so potential clients can easily contact you
• Utilize high-quality images and videos to showcase properties
• Share helpful and informative content through a blog or resources section

You can also leverage social media channels to expand your reach and showcase your expertise in the industry. Focus on the platforms most relevant to your target audience and share valuable content related to real estate, local events, or home improvement tips.

Networking and Referrals

Building a strong professional network is essential for generating quality leads. Here are some strategies to boost your referral pipeline:

• Attend networking events, conferences, or workshops in your area. Engage with professionals in real estate or related industries
• Establish relationships with local businesses and community organizations
• Hold open houses or host educational seminars to engage potential clients in person
• Develop relationships with past clients and ensure you stay top of mind so they recommend you to their connections

Additionally, create a referral program that rewards clients and other referrers for sharing your services with their network. This will incentivize them to talk about you and help expand your reach.

Traditional Marketing Methods

Despite the increasing importance of digital marketing, traditional methods still have their place in generating leads for real estate agents:

• Send direct mail campaigns, like newsletters or postcards, to targeted neighborhoods, highlighting your strengths and successes
• Advertise in local print media, such as newspapers or specialized real estate publications
• List your services and properties in industry-specific directories, both online and offline
• Design and distribute eye-catching flyers, brochures, and business cards
• Participate in community events or sponsor local charities to enhance your company’s reputation and visibility

Make sure to keep track of the effectiveness of each lead generation method and evaluate their strengths and weaknesses. This will help refine and improve your overall marketing strategy and ensure you invest resources into the most productive channels.

Lead Conversion Techniques

Building rapport and trust.

To build rapport and trust, focus on the following:

• Be genuine and authentic with your prospects, showcasing your expertise and knowledge.
• Listen actively, taking the time to understand their concerns and needs.
• Display empathy towards their situation, offering tailored solutions for their specific problems.
• Stay engaged through the entire process, from the first interaction to closing.

Qualifying Leads

When it comes to qualifying leads:

• Ask open-ended questions to gauge their needs, timeline, and motivation for buying or selling
• Inquire about their financial situation and any potential barriers they may have
• Learn more about their preferred neighborhoods, housing type, and other preferences
• Prioritize leads based on their level of interest and readiness to move forward

Effective Communication and Follow-Up Strategies

For better communication and follow-up:

• Establish a consistent schedule for checking in on leads, such as every few days or weekly
• Personalize your communication, tailoring messages to each lead’s unique situation and preferences
• Practice active listening and respond thoughtfully to their questions or concerns
• Utilize several communication channels, including email, phone calls, text messages, and social media

Utilizing CRM Systems for Lead Management

Leveraging CRM systems can help you organize and optimize your lead management process:

• Track important lead information and interaction history in a centralized location
• Set reminders for follow-up tasks, appointments, or important milestones
• Analyze your leads’ behavior to understand their needs better and provide personalized service
• Create targeted marketing campaigns to engage your leads and nurture them toward conversion

By implementing these techniques and focusing on leads, marketing strategies, and communication, you’ll be well on your way to creating a thriving real estate agent business.

Closing Deals and Earning Commissions

Negotiation tactics.

When closing deals, it’s crucial to employ effective negotiation tactics to help both you and your client reach a favorable outcome. Some negotiation tactics include:

• Understanding the market: Know the local market trends and use this information when discussing price adjustments or concessions.
• Compromise: Find common ground and offer reasonable solutions to meet both parties’ needs.
• Leverage: Use your expertise in the real estate industry to highlight your client’s strengths and make convincing arguments.

Handling Objections and Overcoming Challenges

As a real estate agent, you’ll encounter objections and challenges in closing deals. To address them efficiently, consider the following points:

• Listen to the client’s concerns and empathize with their situation.
• Identify the objection: Determine the root cause of the objection and respond with a compelling solution.
• Maintain professionalism: Stay calm and composed, avoiding confrontational behavior.

Preparing and Presenting Offers

Presenting a well-prepared offer is vital to increasing the chances of closing a deal. Keep in mind:

• Research: Analyze comparable properties in the area to establish a competitive price for the offer.
• Documentation: Ensure that all necessary documents, such as pre-approval letters and proof of funds, are in order.
• Presentation: Employ clear and concise communication when presenting the offer, highlighting its benefits to the seller.

Managing the Transaction Process and Paperwork

Effectively managing the transaction process and paperwork helps keep the deal on track, which includes:

• Organization: Maintain an organized system for tracking important deadlines and required documents.
• Communication: Regularly update all parties involved in the transaction, ensuring they know the progress and address any concerns.
• Attention to detail: Ensure all forms, contracts, and other documents are accurate and complete.

By successfully closing deals, you’ll earn commissions based on your agreed split with your broker. For instance, if you close a deal worth $350,000 with a 6% commission rate, the gross commission income will be $21,000. If your commission split with your broker is 70/30, you’ll earn $14,700 while your broker receives $6,300. Utilizing the strategies discussed in this section will help you maximize your commission income and prove beneficial to your real estate business plan.

Client Retention and Building Repeat Business

Maintaining client relationships after closing.

Building lasting relationships with your clients is essential for repeat business and referrals. After closing a deal, continue to provide value by offering support with any post-closing issues, such as paperwork or maintenance concerns. Keep in touch with your clients and remember important milestones, such as anniversaries or birthdays. Show appreciation for their trust in you by sending thoughtful gifts or cards or simply checking in periodically.

Asking for Referrals and Testimonials

Word-of-mouth marketing is an incredibly powerful tool in the real estate industry. Encourage your satisfied clients to share their positive experiences with friends and family. To achieve this, be proactive in asking for testimonials and reviews, which you can later showcase on your website, social media, and other marketing materials. Here are some strategies to obtain them:

• Reach out via email or phone, and kindly request a testimonial or referral
• Provide a simple template to make it easy for clients to write a review
• Offer incentives, such as discounts on future services or gift cards, to show gratitude for their time and effort

Staying Top-of-Mind Through Regular Communication and Updates

Establish regular communication with your past clients to stay top-of-mind and generate repeat business. Keep them informed about the latest market trends, neighborhood developments, or listings that interest them. Here are some communication tactics you can employ:

• Send personalized monthly or quarterly e-newsletters
• Share relevant content, such as articles or videos, on your social media platforms
• Organize events, like client appreciation parties or educational seminars, to maintain connections and foster new ones

Maintaining client relationships, requesting referrals, and staying top-of-mind through regular updates will strengthen your real estate business with repeat clients and new prospects. Remember, satisfied customers are the key to long-term success in the real estate industry.

Measuring Success and Adjusting Your Strategies

Setting goals and key performance indicators (kpis).

To measure the success of your real estate agent business plan, start by setting SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound). These can serve as benchmarks for success and provide direction on areas to focus your efforts. Consider setting goals for various aspects of your business, such as sales volume, new client acquisition, and customer satisfaction.

In addition to your goals, establish key performance indicators (KPIs) to track your progress. KPIs are quantifiable metrics that help you evaluate the effectiveness of your strategies. Examples of KPIs for a real estate agent business plan include:

• Number of new leads generated per month
• The conversion rate of leads to clients
• Average days on market for properties
• Percentage of listings sold

Tracking and Analyzing Results

With your goals and KPIs established, continually collect and analyze data to track your progress. Regularly monitoring your results allows you to identify trends, spot potential problems, and evaluate the effectiveness of your marketing efforts. Some methods to track your data include:

• Using a CRM system to manage client relationships and interactions
• Employing analytics tools to evaluate the success of digital marketing campaigns
• Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to identify areas where you excel or need improvement

Pay close attention to competitor performance and market trends to better understand how your strategies compare and identify any gaps you may need to address.

Adapting and Optimizing Your Strategies Based on Data

Once you’ve gathered and analyzed your data, use insights to adapt and optimize your strategies. Make data-driven decisions to improve your marketing efforts, streamline processes, and better allocate resources. Some steps you can take include:

• Adjusting your marketing budget and tactics based on your marketing ROI
• Revisiting your goals and KPIs to ensure they still align with your overall business objectives
• Fine-tuning your pricing strategies or the type of properties you focus on to meet market demand better

Maintaining a proactive approach to adjusting your strategies will keep your business plan agile and responsive to the changing real estate market. This will go a long way in helping you achieve the success you envision for your real estate agent business.

Time Management and Organization

Prioritizing tasks and setting a daily schedule.

In your real estate agent business plan, it’s crucial to have a time management and organization strategy. Start by prioritizing tasks that align with your [business goals]. Break down tasks into daily, weekly, and monthly goals. Then, create a daily schedule following the block scheduling method:

• List your key tasks for the day.
• Assign specific time blocks for each task.
• Stick to the schedule and avoid multitasking.

You’ll notice increased productivity and improved time management with this approach.

Using Productivity Tools and Apps

Take advantage of productivity tools and apps to help you stay organized and manage your time efficiently. Some popular tools for real estate agents include:

• Calendars: Apps like Google Calendar or Outlook can help schedule appointments and manage deadlines.
• Task Managers: Utilize tools like Trello, Asana, or Todoist to manage your projects and collaborate with your team.
• Time Tracking: Apps such as Toggl or Harvest provide insights into your work habits, helping you identify areas for improvement.

Remember to limit the number of tools you use to avoid digital clutter and duplicate information.

Delegating and Outsourcing Tasks When Necessary

As a real estate agent, delegating and outsourcing non-core tasks is essential to focus on your primary responsibilities. Here are some tasks you can consider delegating:

Identify areas where your expertise may not be as strong or where your time can be better spent, and consider outsourcing those tasks to professionals. This approach will help you manage your workload and improve the quality of your services.

Ongoing Education and Professional Development

Staying up-to-date with industry trends and changes.

To stay competitive in the real estate market, you must keep up with industry trends and changes. By monitoring resources like the National Association of Realtors (NAR), California Association of Realtors (CAR), and multiple listing services (MLS), you can stay informed about the latest developments in your field. Set aside time to read industry publications, attend webinars, listen to podcasts, and follow industry-leading professionals on social media.

Pursuing Relevant Certifications and Designations

Continuing education is crucial for staying current in the fast-paced real estate industry. Pursue relevant certifications and designations to add credibility and value to your practice. Organizations like NAR and CAR offer various designations demonstrating your expertise and commitment to professionalism to clients and colleagues.

Examples of real estate certifications and designations include:

• Accredited Buyer’s Representative (ABR)
• Certified Residential Specialist (CRS)
• Green Designation (Green)
• Seniors Real Estate Specialist (SRES)

To obtain these certifications, you must complete specific coursework, pass exams, and maintain membership in the relevant organizations.

Participating in Networking and Learning Events

Engaging in networking and learning events within the real estate community can help you build relationships, share ideas, and learn from the experiences of others. Attend conferences, workshops, and local meetups relevant to your niche, region, or areas of interest. Not only will this enhance your industry knowledge and skills, but it can also be an opportunity to form valuable connections that will benefit your business growth.

In summary, staying up-to-date with industry trends, pursuing certifications and designations, and participating in networking events can help you maintain and develop your skills as a real estate professional. Committing to continuous learning and professional development is essential to ensure your long-term success in the real estate business.

A well-structured business plan is essential for success as a new real estate agent. With a solid plan, you can set your goals, identify your target market, and analyze your competition. A comprehensive business plan lets you plan your marketing strategies, map your operating expenses, and create revenue projections.

To get started, consider using a business plan template tailored to real estate agents’ needs. This will give you a framework to follow as you develop your plan.

Developing a business plan is just the first step in the process. You need to take action and implement your strategies to realize your goals and achieve success. Revise your plan regularly, adapting and updating it as needed. This will ensure you stay on track with your goals and remain competitive in the ever-changing real estate market.

As a new real estate agent, taking bold steps toward your objectives may feel intimidating. However, trust your plan, apply your outlined strategies, and stay persistent. Your dedication will pay off in the long run.

Starting a career in real estate can be challenging, but you don’t have to face the journey alone. There are numerous resources and support networks available to help new real estate agents excel:

• Professional networks : Join local real estate associations and online forums to connect with experienced agents, ask questions, and expand your knowledge.
• Mentors : Seek accomplished real estate agents who can offer guidance, share valuable experiences, and provide personalized advice.
• Training and education : Keep your skills fresh by attending workshops, participating in webinars, and pursuing continuing education courses relevant to your field.

By leveraging these resources and committing to your business plan, you are setting yourself up for a successful career in real estate. Don’t forget to celebrate your achievements along the way and take pride in your progress. Now is the time to take action; you will surely achieve your goals with determination and hard work.

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How to a Start Real Estate Business in 14 Steps (In-Depth Guide)

Updated:   March 12, 2024

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The global real estate industry is on the way up landing at a $3.69 trillion evaluation in 2021 . With a compound annual growth rate (CAGR) of 5.2% projected from 2022 to 2030, now is a great time to get involved.

Rather than relying on sheer luck, strategic preparation can help aspiring real estate professionals build a steady client base. This includes developing a clear business plan, establishing healthy financial habits, and leveraging digital tools to boost visibility.

This guide will walk you through how to start real estate business. Topics include market research, competitive analysis, marketing, registering an EIN, forming a business entity, and more. Here’s everything to know about starting your own real estate company.

1. Conduct Real Estate Market Research

Market research is essential to forming a business plan for your own real estate business. It offers insight into your target market, market saturation, and trends among real estate investors.

Some details you’ll learn during primary and secondary market research in real estate include:

• While rising interest rates have cooled demand slightly, demographics continue to support real estate growth long-term.
• Millennials make up the largest share of home buyers at 43%, a proportion expected to expand further.
• The aging population will drive seniors’ housing needs as baby boomers enter their 80s.
• Immigration and household formation also contribute to residential rental or real estate for sale demand.
• On the commercial side, trends like remote work introduced uncertainty but also the potential to revamp office and retail spaces.
• Logistics real estate thrived with the surge in e-commerce, a trend poised to continue.
• With the right location and tenant mix, multifamily and industrial investments can provide stable cash flow.
• Affordable housing options such as RV parks and budget homes are growing in popularity.
• Aspiring real estate professionals have ample room for specialization.
• Referrals and repeat business are critical for success, favoring those skilled in marketing and building rapport.
• Commercial brokerage presents higher barriers to entry but also higher profit potential from leasing and sales commissions.
• Alternatives like real estate development or fractional ownership further segment the industry.

While real estate offers entrepreneurial freedom, commission-based income brings earnings volatility. Moreover, technology has raised consumers’ expectations around digital experiences even for high-touch services.

2. Analyze the Competition

Understanding the competitive landscape is critical for new real estate businesses. With over 1.5 million active agents in the U.S., competition is fierce for listings and buyers. Performing comprehensive competitive analysis should examine both local brick-and-mortar rivals as well as digital presence.

To analyze nearby real estate agencies:

• Gather their total agent count, average years of experience, transaction sides, specialty areas, brokerage models, and commission rates.
• Drive the neighborhoods they serve to observe for-sale signs and note listed properties on MLS.
• Subscribe to competitor newsletters and follow their social media for event announcements. This shows how they attract potential clients.
• Evaluating online competition involves assessing websites, search rank, reviews, and social media followings.
• Google key local terms like “Springfield real estate agent” and see where competitors appear versus your site.
• Check Facebook and Instagram follower counts along with engagement rates.
• Does their social content better educate and connect with followers?
• Beyond monitoring competitor activities, crunching market share data paints a clearer picture. Purchase trusted referral statistics by zip code from Market Leader.
• The “Ninja Report” compares your recent sales volume to other brokerages operating in your city or neighborhood.
• Look at which businesses they collaborate with to understand how you can maximize the efficiency of your real estate company. These can include title companies , home staging , property preservation , and more.

Ongoing competitive analysis should inform your marketing and operations strategy. Beat the competition by leveraging technology to create better digital experiences around searching, touring, or transacting real estate.

3. Costs to Start a Real Estate Business

When launching a real estate venture, both initial investments and recurring expenses must be planned to build a sustainable company. From licensing and equipment to marketing and insurance, tallying these costs in advance helps set realistic financial expectations.

Start-up Costs

• Expected start-up costs typically range from $2,000 for a bare-bones brokerage up to $100,000 or more for a brick-and-mortar franchise location.
• The foundation for any real estate professional is completing state prerequisites and passing the licensure exam, which runs from $100-$500 depending on location.
• Registering a business entity like an LLC costs $50-$500 plus state fees.
• Basic tech needs like a smartphone, laptop, and printer can be purchased for around $1,000 upfront.
• Many brokerages supply some of these tools so personal tech costs may be lower.
• Commercial real estate spaces average $20/sq ft in lease terms, with most small offices spanning 1,200-1,500 sq ft.
• Purchasing appropriate signage, furniture, desktop supplies, and networking during a first-year adds upwards of $15,000 in expenses.
• Brokers aiming for branded growth through franchise models like ReMax can pay between $50,000-$100,000.

On the lower end, solo agents working remotely under another broker often have under $5,000 in total first-year expenses. The difference depends heavily on individual business models and growth ambitions.

Ongoing Costs

• All real estate professionals need to budget for MLS access fees, professional associations like NAR, continuing education, local RE taxes or license renewals, and myriad transactions at $5,000-$20,000.
• Most brokers must split commission earnings with their sponsoring brokerage, often handing over 30-50% of earned commissions in exchange for licensing, training, mentoring, and lead generation support.
• Other frequent operating costs include database and CRM platforms, brokerage insurance plans, advertising, professional services like accountants or lawyers, office administration fees, and compensation for any hired staff.

4. Form a Legal Business Entity

When starting any venture, the legal structure carries important ramifications. Real estate professionals must weigh factors like taxes, personal liability, regulatory requirements, and growth ambitions when choosing between sole proprietorship, partnership, S-Corp, C-Corp, and limited liability company (LLC).

Sole Proprietorship

A sole proprietorship is a company owned by a single person, or by a married couple. Sole proprietors report income and losses on personal tax returns, avoiding the need to formally create a business structure. This saves paperwork but leaves all personal assets vulnerable to lawsuits.

Partnership

Partnerships allow the sharing of profits and managerial duties between two or more real estate professionals, governed by partnership agreements. Partnerships are best suited to family businesses. One downfall of a partnership is the lack of protection for personal wealth in the event of legal or liability issues.

Corporation

S-corps pass income directly to shareholders’ returns like partnerships, while also limiting liability exposure. However stringent ownership rules hindering outside investment make them poor fits for growing real estate ventures. C-corps have no ownership restrictions but face double taxation on profits and dividends. Moreover, real estate professionals receive no liability shield under corporations.

Limited Liability Company (LLC)

For these reasons, most realty ventures launch as LLCs which provide personal asset protection while allowing ownership flexibility. Profits and losses flow through to members’ tax returns per partnership rules, avoiding corporate double taxation. Legal and regulatory compliance burdens also pale compared to corporations.

5. Register Your Business For Taxes

Any venture conducting business transactions requires an Employer Identification Number (EIN) , commonly called a federal tax ID number. Sole proprietors can use Social Security numbers for federal taxes, but EINs add legitimacy and simplify banking and licensing applications for real estate firms.

Registering for an EIN is free and can be completed online via the Internal Revenue Service in minutes. To begin, navigate to the EIN Assistant and select View Additional Resources for the application form. Choose Apply Online Now and confirm you are authorized to sign up for the business. Select view Additional Types, then Real Estate to correctly categorize the nature of your company.

You will need to provide basic information like business name, address, financial institution details owners’ legal names, and Social Security numbers. The online tool guides applicants through each required field. Be sure to specify your LLC or other business structure if already formally registered.

With an EIN secured, visit your state revenue or taxation site to register for sales tax collection rights and obligations. This allows you to charge and remit appropriate sales tax on services provided to clients.

For real estate professionals, mainly brokering the purchase and sale of property, sales tax often does not apply. But do confirm based on your state. Some jurisdictions do impose sales tax on broker commission fees over a certain threshold.

Take the time upfront to formally legitimize your real estate venture. An EIN and sales tax registration help present the professional image clients seek when trusting you with major financial transactions.

6. Setup Your Accounting

Careful bookkeeping provides the foundation for real estate professionals’ finances and taxes. While tempting to minimize paperwork and process home sales on the fly, disciplined tracking of every transaction safeguards your business. Revenue spikes and dips common in commission-based sectors make balancing the books vital.

Accounting Software

An automated accounting solution like QuickBooks simplifies the process using integration with bank/credit card accounts to log all sales and expenses. QuickBooks lets you generate financial statements, track revenue sources, reconcile balances, print checks, manage cash flow, and run essential tax reports with just a few clicks.

Hire an Accountant

Enlisting a knowledgeable accountant remains advisable as your go-to advisory for optimizing finances while staying compliant. A qualified accountant provides objective guidance on everything from business entity selection to mileage deductions to quarterly estimated taxes to retirement planning. Expect fees from $100-$300 per month for basic bookkeeping assistance scaling up to $2,000.

Open a Business Bank Account

Vital to smooth accounting is separating professional and personal transactions through dedicated business accounts. Keeping all real estate revenue, expenses, assets, and debts distinct simplifies tracking and protects your home/auto assets should the company face financial disputes.

Apply for a Business Credit Card

Apply for dedicated business checking/savings accounts along with company credit cards when formally creating your LLC or corporation. Business cards often offer higher limits thanks to income and assets tied directly to the venture versus personal credit scores alone.

7. Obtain Licenses and Permits

When gearing up to open a real estate company, properly registering with state and national regulatory bodies protects against fines or discontinued operations. Find federal license information through the U.S. Small Business Administration . The SBA also offers a local search tool for state and city requirements.

Foremost is securing a real estate license for all agents and brokers affiliated with the venture. Each U.S. state sets its prerequisites around age, education, and examination. Most mandate applicants first complete 60-90+ hours of approved pre-licensing education courses through local community colleges or online academies.

With educational background confirmed, candidates must then pass their state’s real estate salesperson or broker licensing exam. Broker licenses allow greater authority to oversee transactions independently versus salesperson licenses which must operate under a managing broker’s supervision.

Registered home inspectors assessing property conditions before sales commonly affiliate with brokerages. Depending on the state, home inspectors may require separate licensing or certification through application vetting and testing on structural and system fundamentals. Renewal, insurance, and bonding stipulations also apply in most areas.

Additionally, brokers frequently pursue separate licensure as mortgage loan originators (MLO) to qualify home buyers for financing. MLO approval includes federal registry, background checks, 20 hours of coursework, and passing national and state-level exams. So be prepared for plenty of work revolving around mortgages .

Finally, check local municipalities for any location-specific business permits around signage, occupancy, revenue collection obligations, and general commercial activity. Paying these permitting fees and staying current on all license renewals keeps the business operating legally as it ramps up transactions.

8. Get Business Insurance

Insuring your real estate venture shields against scenarios that could otherwise devastate unprotected firms. Policies cover expenses stemming from property damage, legal disputes, cyber incidents, and more that could potentially bankrupt uninsured brokerages. To make a real estate business profitable you must protect yourself and your employees.

For example, faulty wiring in your brokerage office sparks a blaze, destroying computers, listing files, and your entire space. Without insurance, replacing vital infrastructure and inventory to resume operations could cost well over $100,000.

Even if claims prove frivolous, five-figure attorney fees often result just to mount a defense. Alternatively, a data breach at your agency exposes clients’ financial account numbers. Legal fallout and cyber attack response costs could again outpace many small firms’ ability to pay out of pocket.

Business insurance fills these coverage gaps at fairly modest annual premiums, usually between $500-$5,000 depending on your policy’s size and scope. Common offerings like General Liability guard against bodily injury, property damage, and related legal expenses stemming from your business dealings up to set limits.

Professional Liability helps defray costs tied to mistakes, negligence, or errors in service during transactions. Commercial Property coverage handles workplace damage and inventory loss as mentioned. Cyber insurance is newer but wise given digital data’s crucial role in real estate.

9. Create an Office Space

Establishing a professional workspace lends legitimacy for real estate agents and brokerages while providing necessary meeting capacity. When scouting locations, weigh options like home offices, coworking spaces, retail suites, or traditional commercial buildings based on budget, team size, and client impressions.

Home Office

Solo agents can minimize overhead starting by designating a home office for conducting remote work. Deductible expenses like internet, certain utilities, and proportionate property taxes make residential offices cost-effective for under $100 monthly. In-person meetings with clients should be relocated to coffee shops or rented spaces to maintain privacy.

Coworking Office

Coworking spaces like WeWork allow small teams to share reception areas, meeting rooms, and amenities across various industries for maximum flexibility. Real estate is one of the most prolific sectors found in coworking locations since the on-demand model matches commission-based income swings.

Expect to pay roughly $300-$500 monthly for an assigned desk or private office in a coworking space plus scaling fees to reserve conference rooms or event spaces as needed.

Retail Office

For regular client meetings, retail spaces in shopping plazas mix public visibility and accessibility for realty boutiques at around $2,000-$4,000 monthly. Custom buildouts can establish an upscale brand identity. However, foot traffic rarely converts without additional digital marketing efforts.

Commercial Office

Over the long term, commercial offices offer the most control yet require substantial capital investment or loans to secure multi-year leases. Expect starting rates of $20 per square foot in suburban areas scaling past $60 for prime urban addresses. With creative buildouts, these spaces make fine showrooms for real estate deliveries.

10. Source Your Equipment

Launching a real estate venture requires few physical assets thanks to technology lowering barriers for remote work. Still, some equipment remains essential from smartphones to printers regardless of business model or location preferences.

Buying brand-new equipment allows customizing devices to a firm’s exact needs while utilizing the latest features. Devices like iPhones, tablets, and laptops run $500-$2,000 when purchased upfront from Apple or electronics retailers like Best Buy depending on specifications.

Turning to used marketplaces like Craigslist , Facebook Marketplace and eBay expands affordability, particularly for printers, desks, and office furniture. Define must-have usage capacity or features then peruse local sellers’ listings nearby to avoid excessive shipping. Be ready to pay in cash and even rent a truck for large hauls.

Those wanting to mitigate upfront expenditures can rent basic tech monthly from stores like Rent-A-Center . However, total spending often exceeds just purchasing outright after a couple of years of payments. Leasing makes more financial sense for costly specialized equipment like high-volume printers or copiers costing thousands.

11. Establish Your Brand Assets

Cultivating a distinct brand identity helps real estate professionals stand apart in competitive markets flooded with agents offering similar services. Implement branding elements that consistently showcase your agency’s specialties and values across all touchpoints.

Get a Business Phone Number

Centralizing communications is key through a dedicated business phone line. Providers like RingCentral deliver call, text, and fax capabilities across mobile and desktop devices for $30 monthly. Route calls seamlessly from your cell to sound integrated.

Design a Logo

An eye-catching logo also brings instant awareness to listings and touchpoints. Looka’s logo maker helps brokerages design icons that encapsulate their vision through multiple concepts to choose from. Favored styles for realty ventures include abstract marks evoking ideas of communities or homes.

Print Business Cards

With a visual identity set, creating brand assets that align with the logo look brings consistency. Business cards, email signatures tied to your domain, and yard signs all influence first impressions. Vistaprint offers affordable, quality printing on these items featuring the company graphics.

Buy a Domain Name

Securing a domain name that matches your agency builds authority and recall. Short, simple handles like [YourName]RealEstate get snatched quickly. Once purchased, redirect the domain to initial single-page sites built through user-friendly platforms. Use vendors like Namecheap .

Design a Website

Outsourcing site development to specialized contractors found on Fiverr makes sense for those lacking tech skills. You can also design your site with Wix . With branding pillars in place, web developers translate vision into responsive, functional experiences that empower further marketing.

12. Join Associations and Groups

Plugging into local real estate networks builds invaluable connections for exchanging insights, prospects, and services. Industry associations, meetup events, and online communities all provide conduits for networking amongst fellow brokers and affiliated members.

Local Associations

Every U.S. region hosts Realtor associations coordinating area listings, training, lobbying, and more. Joining these nonprofits like the Austin Board of Realtors unlocks MLS access while integrating into regional brokerage circles. Most levy annual membership fees on individuals and brokerages ranging from $100-$500.

Local Meetups

Attending local real estate meetups facilitates direct relationship building through consistent face time. Sites like Meetup catalogue these recurring events from open houses to mastermind sessions allowing you to RSVP. Trade organizations like the Women’s Council of Realtors and the National Association of Hispanic Real Estate Professionals also convene frequent mixers.

Facebook Groups

Realty pros can further tap into digital communities inhabiting Facebook Groups. Some hyperlocal Buy/Sell/Trade groups provide members first looks at upcoming listings. Others like Real Estate Group and Real Estate Agent Referral Network & Marketing Tips foster idea exchange amongst seasoned agents nationwide.

13. How to Market a Real Estate Business

Implementing multifaceted marketing is non-negotiable for real estate professionals striving to continually expand their client roster and listings in an ultra-competitive sector. While leveraging existing connections and referral networks makes up the foundation, layering in advanced digital and selective traditional strategies pushes visibility further.

Personal Networking

Tap into your inner circle first when launching, as friends, family, and acquaintances already trust your character and skills. Offer reduced commissions or gift cards to happy buyers/sellers who refer new leads. This incentive gets the word spreading organically.

Digital Marketing

On the digital front, precision pays when trying to capture motivated site visitors and drive them to convert through tailored experiences. Useful approaches include:

• Google Ads – Target homeowners in surrounding zip codes most likely to sell soon through hyperlocal search and display ads.
• Facebook Ads – Retarget those browsing listings in a custom radius to your landing pages.
• Email Marketing – Import contacts to Mailchimp after events to share market updates.
• YouTube Channel – Post vlogs touring fresh listings or neighborhood insights.
• Blogging – Optimize site content around buyer/seller pain points and questions.

While digital mediums sidestep geographic limitations to find specialized audiences, traditional options better suit raising local visibility. Consider deploying:

• Direct Mailers – Send listing announcements or market projections to farms and suburbs.
• Door Hangers – Canvas target neighborhoods informing of specialized services.
• Chamber Membership – For networking with area professionals and sponsorship.
• Open Houses – Draw neighbors curious about renovations and realtor meet-and-greets.

A balanced blend of digital and traditional promotion sustains steady client inflow for converting both sellers and buyers at each stage. Assess efforts monthly and pour resources into highest highest-performing channels.

14. Focus on the Customer

Providing five-star service is what sets thriving real estate agents apart. In an industry dependent on local networking and referrals, impressing clients with responsive, thoughtful guidance throughout transactions spurs organic growth. Some ways to increase customer focus as you build a real estate business plan include:

• Home purchases mark the largest investment most families ever make.
• Expect nervous questions, last-minute paperwork, and endless showings to help buyers gain conviction before signing.
• Be patient answering concerns over inspections or financing issues.
• Celebrate successes closing on dream homes.
• Compassionate support sticks with families for years, earning repeat requests for selling and buying needs while recommendations to friends flood in.
• Simplify sellers’ transitions helping oversee appraisals, scheduling photographers/stagers, and tackling repairs needed to maximize list prices.
• Keep sellers apprised of showing feedback and offer realistic assurances if initial offers seem undervalued.
• Whether upsizing growing families or downsizing retirees, customers remember the agents who made the process smooth rather than stressful.

Consistently providing elite service cements trust in your capabilities and care for clients’ best interests. As an ambassador between complex transactions and major financial decisions, real estate agents who handle the human side of deals, as well as the business, prosper thanks to lifetime client relationships.

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4 Components to writing a real estate business plan

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This article was updated on September 7, 2022

For many real estate professionals, starting a local real estate business isn't always as red-hot as the market. Future business owners must consider the expenses associated with starting a new business, as well as the geographic scope, clientele, and marketing strategy of their business.

Fortunately, there's one thing you can do as a real estate professional to help make your business a success, even before your first sale: crafting an effective real estate business plan to outline the structure of your brokerage and help you obtain funding.

If you are looking to start a real estate business , this blog post is for you. From writing the executive summary to devising your real estate marketing strategy, this guide has all you need to know to create an exceptional real estate business plan. In no time at all, you'll have a business plan that'll set your brokerage up for success for years to come.

Why agents should have a real estate business plan

Taking the time upfront to build a business plan will bring to the surface aspects of the business that may not have been thought about previously. The business plan is a documented snapshot in time of where you are today, where you want to be in the future, and details on how you plan to get there. Business planning forces thought about the current state of the market you're in and opportunities to improve performance with specific goal setting. 

Components of good business plans

There's a lot that goes into writing a business plan as a realtor. That said, breaking it down into several components makes the task more manageable when starting your brokerage.

In general, most successful real estate business plans include the same four components:

• Foundation statement
• Marketing strategies
• Financial plans
• Action plans

Let's take a deeper look at each component.

1. Foundation and description statements

Just as the foundation is the bedrock of a house, so too is it the start of a great business plan. Put simply, a business's foundation statement explains what the business stands for. It may also address the business's target audience and overall goals.

To craft a foundation statement for your real estate business plan, focus on two things:

Executive summary

Business description.

The executive summary is a distillation of your business plan into a short, concise statement. In general, your executive summary should include the following:

• The details of your market
• Your business strategy
• Details about the management team
• Any financial projections

Having an easily digestible, yet informative, executive summary is important. Those that lack information or are uninteresting may be detrimental to your overall business plan's objectives and may not show to potential investors what your competitive advantage is in the real estate industry.

The business description is the place to share the story and objectives of your company. Like the executive summary, the business description states your brokerage's vision. But unlike the executive summary, it allows your business's personality to really shine through. This is your real estate company. Show how you are going to make a difference in the real estate industry.

Keep the following in mind when writing your business description for your real estate company:

• When and why you created your business
• Where your business is located
• What makes your business unique
• Who the leaders of your business are
• Why you chose your target market

Good real estate business descriptions should also convey the business's values and its unique competitive advantage. Do you specialize in commercial real estate or real estate investing? For instance, in their business description, Asheville's Town and Mountain Realty state they are "full service, independent, and family-owned." Being cognizant of your business's values helps to establish your brand and plan a marketing strategy that targets the homebuyers you want to work with.

Besides setting you apart from competitors, adding a personalized touch to your business description may also entice future investors. As a real estate professional, use this section of your business plan as a way to illustrate your credibility.

2. Marketing strategies

Although a good foundation is necessary when sharing your real estate business's overall goals, it won't matter if you haven't identified your target market. Identifying your market is the first step in building a large, loyal client base.

When thinking of your target market, it's helpful to consider demographics. Are you targeting first-time homebuyers in their early 30s or older buyers looking for vacation properties? Does your ideal homebuyer gravitate towards any specific amenities? Knowing as much information as possible about your target market will help set up your real estate business for long-term success.

Once you've identified your target audience, it's time to think about two other important components of marketing strategy:

Market research

Brand awareness.

Researching your business's market is an important part of building your real estate agent business plan. Careful market research involves knowing the average sale price of real estate properties in your area, as well as identifying your competitors.

Knowing your competitors is especially important. Doing so will allow you to find ways to replicate their success while identifying what makes your brokerage stand out.

How you'll build brand awareness is an important question to consider when devising your real estate business plan. If you live in a very small town or rural area, word-of-mouth marketing may go a long way. However, most real estate businesses rely on social media and other digital platforms to reach potential clients.

Additionally, you may want to consider the following:

• Improving your website - A clean, informative website can go a long way in building awareness for your local real estate business. To this extent, make sure your website is accessible and user-friendly. Also, be sure to step up your Search Engine Optimization (SEO) strategy by researching popular real estate keywords that are most likely to drive traffic to your website.

For example, Golden Real Estate in Golden, Colorado uses a clean, informative website to its advantage. Upon opening their website, you see part of their business description and a search bar enabling you to easily navigate through the buying and selling information available.

• Maintaining strong relationships - One of the easiest ways to build brand awareness as a real estate professional is to maintain strong relationships with your current clients. In addition to keeping your clients happy, maintaining strong relationships may help grow your network, especially if happy homebuyers recommend your services to their friends, family, and colleagues.
• Utilizing Nextdoor -  The first and best option for local businesses, Nextdoor is a hyperlocal platform that connects neighbors to local businesses owners. To get started, set up a free Business Page . Add pictures, your services offerings, and a mission statement to promote your local real estate business to homebuyers near you. From there, become share a Nextdoor Ad to engage directly with potential clients in the areas that matter most to you.

Building your local real estate business's network isn't easy. However, by incorporating the above real estate marketing strategies into your business plan template, you can help grow your clientele-and your sales-in no time at all.

3. Financial plans

Unless you're starting a non-profit, your business plan should devote a section to projected profits and expenses. Knowing your finances upfront will increase your local real estate business's transparency, making your venture more appealing to potential investors.

When thinking of financial plans, consider the following:

• Expenses - For most small real estate agency businesses, typical expenses include costs associated with licensing, personal spending, and small business spending. You should also keep in mind marketing strategy costs. Finally, if you don't own the building that's housing your business, you'll also have to budget for rent and utility bills.
• Income - Projecting income is one of the most important aspects of a business plan's financial section. More than simply estimating how much you'll make in a year, you'll need to research the state of your current market to see how much you can expect to grow your profits year after year.
• Transactions - A factor in generating income, transactions refer to the number of sales you expect you and your agents to make each year. First, calculate how much income you need to bring in each year to make a profit. Then, calculate how many transactions you'll need to make to reach this income goal.

When starting a local real estate business, thinking about finances is extremely important. For many business owners, overestimating income while underestimating expenses is a scary and potentially harmful prospect. Put your mind at ease by mapping out your finances in advance.

4. Action plans

Goals on paper are one thing. Putting your vision into action is another. Get your small real estate business off the ground quickly by creating plans of action that you and your team can follow, at least early on.

Although action plans vary by real estate business, they generally focus on three key areas:

• Marketing - Thinking through your marketing strategy is a major aspect of your market plan, but there are other factors to consider. For starters, think about your services and how your approach differentiates you from the competition. Then, think about your ad budget. How much are you willing to spend to target your demographic? Finally, consider the medium through which you'll interact with your target audience. For instance, if you're aiming to reach a younger demographic, focusing your attention on social media marketing may result in a higher return on investment.
• Goals - Goal-centered action plans focus on how, specifically, you'll reach your goals. For instance, if one of your goals is to make 20 sales a year, your action plan should detail how you'll go about accomplishing this sales goal.
• Exit strategy - having an exit plan in place is good for risk mitigation as well as goal measuring. Establishing an exit strategy can mean stepping away from real estate because your goals have been met or because a predetermined level of failure has been reached. Considering when to step away will help guide your actions today. 
• Business practices - To help your real estate business run smoothly and efficiently, it's beneficial to standardize all aspects of your operation. For example, detail your ideal process when it comes to generating new leads, following up with clients, and managing your team. Setting guidelines early is one way to set up your business for long-term success.

Like financial plans, action plans are necessary components of any good business strategy. Spending time thinking about how you'll realize your goals will pay dividends down the road.

Build your real estate business with Nextdoor

For many people, starting a new local real estate business is an exciting endeavor. However, things can quickly go downhill if you're not ready for the ups and downs of the business world.

This is where good business plans come in. By thinking through your foundational, marketing, financial, and action strategies early and often, you'll be better prepared for whatever the real estate market throws at you.

Build your business's foundation on Nextdoor. Start by claiming your free Business Page and, from there, connect with potential clients and grow your brand presence in the neighborhoods that matter most to your business.

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Treating your business like a business is a vital component to succeeding long-term in this industry. While some agents put together elaborate business plans, there’s something powerful to be said for keeping it simple.

In addition to this easy-to-use business plan, please take advantage of our free  6-month real estate marketing planner  with timely tips and helpful action steps to follow week-by-week to grow your business through marketing., download your free 2024 interactive business plan today.

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Thank you to our friend Floyd Wickman who graciously agreed to share the One-Page Business Plan. To learn more about Floyd Wickman’s real estate business planning and coaching visit www.floydwickmancoaching.com.

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Real Estate Business Plan Template

Written by Dave Lavinsky

Real estate businesses come in a wide range of sizes and styles, from one person offices that handle a few homes in a handful of neighborhoods to enormous chains that cover both commercial and residential properties across the country. Many new real estate agents try to expand too much too soon, failing as the result of unsustainable growth. A written business plan will keep you on track and help you grow your real estate business in an organized way. In addition, if you plan to seek funding, investors and lenders will use your business plan to determine the level of risk.

Download our Ultimate Real Estate Business Plan Template here >

What is a Real Estate Business Plan?

Your business plan provides a snapshot of your real estate company as it currently exists, and lays out a road map for the next three to five years. It highlights your business goals, identifies potential challenges, and describes your strategies for overcoming adversity and meeting your goals. It is a living document that should be frequently updated as your real estate business grows and evolves.

Below is our general template for real estate business plans. We also have templates for specific types of real estate businesses as follows:

• Property Management Business Plan Template
• Real Estate Agent Business Plan
• Real Estate Development Business Plan
• Real Estate Investment Business Plan
• Rental Properties Business Plan

Why You Need a Business Plan Real Estate Business

If you’re looking to start a real estate business or grow your existing real estate business you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your real estate company in order to improve your chances of success. Your real estate business plan is a living document that should be updated annually as your company grows and changes.

Finish Your Business Plan Today!

General real estate business plan template.

Below is a template that will help you with how to write a real estate business plan. The plan should include the following 10 sections:

Executive Summary

Although it serves as the introduction to your business plan, your executive summary should be written last. The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of real estate business you are operating and the status. For example, are you a startup, do you have real estate agent business that you would like to grow, or are you operating a chain of real estate businesses?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the real estate industry. Discuss the type of real estate business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of real estate business you are operating. For example, are you an existing real estate agent looking to launch your own company or are you an existing real estate brokerage looking to expand?

Describe the company’s founding, current stage of business, and legal structure. Highlight any past milestones, such as lining up key clients or hiring an agent with a proven track record. Elaborate on your unique qualifications, such as expertise in a currently underserved niche market and include a mission statement, if possible. Include your mission statement, key objectives and business goals.

Industry Analysis

In your industry analysis, you need to provide an overview of the real estate market. The real estate industry is incredibly large and diverse, but your analysis should focus on your specific segment of the market. Do you specialize in multifamily residential buildings? Single family homes? Office buildings? Small commercial properties? Figure out where your real estate company fits in, and then research the current trends and market projections that affect your niche. Create a detailed strategy for overcoming any obstacles that you uncover.

The following questions should be answered in the industry analysis section of your real estate business plan:

• How big is the real estate market (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your real estate business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

Who are your potential clients? Are they first-time homebuyers? Upwardly mobile young professionals? Developers, speculators, or investors? What is important to them in a real estate agent? Do they require hand holding through the entire process, or are they savvy buyers that just want you to show them the properties that interest them? How do they decide on a particular property? Narrow down their demographics as closely as you can, and then figure out what their unique needs are and how you can fulfill them.

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Competitive Analysis

Your direct competitors are those real estate companies that fulfill the same needs for the same target market as yours. Your indirect competitors are real estate businesses that target a different market, or other companies that fulfill a different need for your target market. Describe each of your direct competitors individually, and talk about the things that set your real estate company apart. Categorize your indirect competitors as a group and talk about them as a whole.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses in a SWOT analysis. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:  

Marketing Plan

A solid marketing plan is based on the four P’s: Product, Price, Promotion, and Place. Your marketing efforts should center around these four marketing strategies. The Product section describes the real estate you sell along with any other services you provide. Price will change according to the specifics of the property, but you can delineate your fees here. Promotion is your means of getting new business. Place is your physical office location, along with your web presence and the areas where you sell. Another category, Customer retention, refers to the ways you will build loyalty.

Employing a marketing strategy based on these four principles will allow you to generate leads for prospective clients.

Operations Plan

Your operations plan explains your methods for meeting the goals you set forth. Everyday short-term processes include all of the daily tasks involved in signing up clients, showing properties, and closing sales. Long-term processes are the ways you will meet your defined business goals, such as expanding into new markets or new types of properties.  

Management Team

The management team section highlights the backgrounds of the key members of your real estate team. Focus on those aspects that prove your team’s ability to build and run a successful company. A business mentor or advisor can help fill in any gaps, provided you can identify the specific ways that your advisor will influence your company’s growth. Be sure to highlight how many real estate agents will be on your team.  

Financial Plan

Investors and lenders heavily scrutinize the financial plan, but it is often the most challenging part of the business plan to write. Real estate is a fickle market, subject to changing whims and economic cycles. Yet the financial plan requires you to detail your specific business model and individual revenue streams by implementation timeline and relative importance, and disclose any sources of outside funding. You also need to summarize your past and future Income Statements, Cash Flow Statements, and Balance Sheets, based on key assumptions that must be both reasonable and verifiable based on an analysis of similar companies. You should also provide a solid exit strategy that shows your understanding of the market and your desire to capitalize on profitability.  

Your full financial projections should be attached in the appendix along with any other documents that support your claims, such as letters from key partners.  

Real Estate Business Plan Summary

Putting together a business plan for your real estate business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the real estate industry, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful real estate business.

Download Our Real Estate Business Plan PDF

You can download our real estate business plan PDF here . This is a business plan template you can use in PDF format to help you get started on your own business plan.

Don’t you wish there was a faster, easier way to finish your Real Estate business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business plan writer can create your business plan for you.

Other Helpful Business Plan Articles & Templates

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Casanova Brooks

Licensed Agent

• February 28, 2022

Real Estate Business Plan: A Comprehensive Guide [2022]

Table of contents.

Real estate is one of the best and most lucrative businesses to be in. It offers a lot of potential for making money and has low barriers to entry. However, success in this business does not come easy; it takes a lot of hard work, planning, and execution. This is where the real estate business plan comes in.

The best way to succeed in this business is to follow a system. A good plan can help you understand what you are going into and how it works before your launch, which will set up your venture for success from the beginning. The plan helps investors and entrepreneurs organize their thoughts, find loopholes, and work on them, achieving success quickly by following a step-by-step approach.

In this article, we have provided a complete guide for writing the best real estate business plan. This is your one-stop resource for all you need to know about making a good business plan, from planning and research to strategy and execution.

But even before we look at how to do proper real estate business planning in 2022 , perhaps we should first understand why you need it.

Why you need a real estate business plan

There are many reasons why every real estate entrepreneur should have a real estate business plan. Some of the most outstanding benefits include the following;

Helps avoid making costly mistakes

In any business, there are a lot of decisions to make and paths to choose from. While some might seem correct at the time of decision-making, they might backfire later.

A plan helps you think carefully about all the possible consequences a certain action or course of action can have on your company to avoid mistakes that can cost you a fortune.

Helps set the right foundation

Your real estate business needs a strong foundation if it has to stand tall in this cutthroat competition. The right kind of planning helps you lay down the foundations.

Helps you focus on your goals

When you have a plan, it becomes easier to focus on your goals and what you need to do to achieve them. Without a plan, you might be misled by short-term successes and lose sight of your long-term objectives.

Helps track progress

A plan also helps you track the progress of your real estate business so that you can course-correct where necessary. This is very important, especially in the early stages of your business when things might not be going as planned.

Keeps you organized

The act of formulating a plan helps you to organize your thoughts and ideas about your business. This, in turn, will help you communicate better with other members of your team and make sound decisions.

Helps you identify key investment areas

A well-crafted business plan will help you identify key areas of investment in your real estate business. This will help you focus on areas that are likely to give you the best return on investment.

Saves you time

In the long run, a well-thought-out business plan will save you time and money. It will help you focus on your goals and achieve them in a more streamlined manner.

Now that we have seen some of the benefits of having a real estate business plan, let us now look at how to go about writing one. Here is a comprehensive guide for you.

Components of a comprehensive real estate business plan

A comprehensive real estate business plan has several components. These include the following;

Executive Summary

A very important part of any real estate business plan is the executive summary. This will serve as your introduction to your business plan, providing key information about you and your company, its mission statement, expected returns on investment, etc. It should not be more than a page long.

The Company Description

This section explains who you are and what you do. This can extend into two or three paragraphs at most.

Your Unique Selling Proposition

Every company needs something unique that sets them apart from its competitors in this crowded marketplace. That “thing” is your USP, which usually comes in one sentence describing the USP of the company.

The Mission Statement

Every company has some kind of mission statement, which is generally a short paragraph explaining the purpose of the company. This should also be included in your plan.

A SWOT Analysis

This section helps you analyze the strengths, weaknesses, opportunities, and threats your real estate business might face.

For example, if there is a surge in demand for housing from people laid off from work recently, then it could become a threat to your business because you may not have enough resources to meet that increased demand.

But if you are the only player in town who specializes in building houses with top-quality green materials, then this opportunity can turn into a strength instead.

Goals and Objectives

Your goals and objectives form the basis of your entire real estate business plan. In other words, they are the building blocks that you will use to formulate a strategy for achieving success in your company.

Not having clear goals and objectives is one reason why many businesses fail when they start because it is challenging to stay motivated without well-defined goals.

A Market Analysis

This section helps you identify all the existing and potential clients who may be interested in using your services or buying your products. It also helps you understand how much demand there is for your services or products so that you can devise a pricing structure accordingly.

Marketing Strategy

In order to attract customers for yourself, you need to have a sound marketing strategy in place, which includes deciding where your customers are likely to come from, what you will charge for your services or products, etc.

This section helps you explain how the business runs behind the scenes. The key parts of this section should include an organizational chart that shows how decision-making powers are delegated among different people in the company, plus a brief description of what each department does.

As mentioned earlier, not having clarity on who is responsible for what can also contribute to failure when things get tough.

Financials Overview

This part of your plan should include all relevant financial information about your real estate business, such as revenue forecasts, expected returns on investment, projections for future growth, and so forth. It is best to include graphs that show these elements clearly.

A step-by-step guide to writing your real estate business plan

Writing a real estate business plan is easier with the help of an effective plan writing template. This means that you can follow the steps without having to invent anything on your own, which leaves you free to concentrate on more important things like selling your properties or finding new clients for yourself.

So here are all the steps required to put together an excellent real estate business plan.

Step 1. Identify Who You Are as a Real Estate Agent

The first step is to identify who you are as a real estate agent. What do you specialize in? What are your unique selling points? What do you stand for?

Understanding yourself as a real estate agent is so fundamental that it can either break or make your business. In this section, make sure to have your mission statement and the composition of your business, among other aspects.

Step 2. Analyze Your Target Real Estate Market

Once you understand who you are as a real estate agent, the next step is to analyze your target real estate market. This means that you need to research and find out what kind of potential customers look for when they want to buy or rent properties.

If there has been a surge in demand for housing from people who have recently lost their jobs, then it could mean an opportunity for you because this is the sort of place where you specialize by selling homes with top-quality green materials.

Step 3. Analyze Your Local Competition

Your analysis of your competition is achieved by asking yourself the following questions:

• Who are your main competitors?
• What can you do better than them?
• How much market share do they control?
• Where does your business fit in this industry landscape?

By answering these questions, you will be in a much better position to formulate a strategy that can help you take on your competitors and win.

Step 4. Decide What Services You’ll Provide

This step is important because it will help you determine what services you’ll need to offer and what your unique selling points will be.

Some of the services you may want to consider include:

• Selling or renting properties
• Managing property rentals or sales
• Offering consulting or legal services related to real estate transactions
• Handling mortgages and other financial matters related to real estate
• Acting as an agent for buyers or sellers in a particular area
• Providing home staging services
• Conducting market research on behalf of clients

Deciding on the services for your new real estate business is a vital step that should be approached with a lot of caution.

This is because, while many real estate agents can handle virtually everything real estate, choosing one or a few areas to specialize in can give you an edge over your competitors.

At the same time, it is not advisable to try to do everything at once because this may lead to burnout and exhaustion.

Step 5. Assess Your Goals and Objectives

Assessing your goals and objectives should be done in such a way that it takes into consideration your target market, your competitors, the services you aim to provide, and the amount of money you intend to earn.

The following are some questions that can be answered when assessing business goals:

• How much money do you want to make every month?
• What is your average monthly expenditure?
• Do you plan on scaling up or downsizing in the future, if so, by how much?
• What is your target market? Who will buy or rent from you?

Are there certain geographical limitations for your real estate business? If not, then where will most of your potential customers come from?

Understanding the goals and objectives of your real estate business will go a long way in helping you to set realistic targets that you can achieve.

Step 6. Set Up Systems and Procedures

The systems and procedures of your business will be what helps you to stay organized and focused on your goals.

This is why it is important to have them in place from the very beginning so that everyone who works with or for you knows what is expected of them.

The following are some aspects of your business that should have written systems and procedures:

• How you will market your real estate services
• How you will handle customer inquiries
• How you will conduct business transactions
• The process for record-keeping
• How you will handle complaints from customers
• Protocols for staff communication

Step 7. Determine How You Will Get Clients

The answer to this question will depend on your specific target market. If you target people with a certain income bracket, then perhaps being active on social media channels that these potential customers are most likely to use is optimal.

Alternatively, if you target homeowners who have just moved into the neighborhood, then knocking on doors and giving out flyers may be the best option.

Whichever target market you have in mind, there must be a way to reach it without incurring unnecessary expenses and wasting time.

Step 8. Make Sure You Have Enough Funding

Starting any kind of business takes money, and real estate is no exception. While there are several different ways to finance your real estate business, such as getting a loan from a bank or investing your own savings , it’s important to take inventory of how much money you have available for starting up before making any big decisions.

This is because you don’t want to start a business and then run out of money midway through, which can lead to a lot of problems.

Creating a realistic budget for your real estate business is essential so that you know exactly how much money you need on a monthly basis to keep the business afloat.

Step 9. Conduct a SWOT Analysis

Conducting a SWOT analysis is a great way to get an in-depth understanding of your business and the industry you are in.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats and involves analyzing the internal and external factors that can affect your business.

The following are some questions that can help you to conduct a SWOT analysis for your real estate business:

• What are your Strengths?
• What are your Weaknesses?
• What Opportunities do you see in the market?
• What Threats does your business face from competitors?
• How can you capitalize on Your Strengths?
• How can you improve or eliminate your Weaknesses?
• How can you turn your Opportunities into Successes?
• How do you plan on avoiding the Threats that are facing your business?

Understanding the internal and external factors that affect your business will help identify ways to make your real estate business more sustainable in the long term.

Step 10. Implement Your Plan

The moment you have all been waiting for has arrived – it is time to put your real estate business plan into action! You should start by analyzing the current state of the market and creating a strategy on how to take advantage of opportunities and avoid threats to get ahead of other businesses in your industry.

Step 11. Make a Plan to Revisit Your Business Plan

Like any other plan, your real estate business plan should be reviewed and updated on a regular basis. The frequency at which you should review your business plan will depend on the changes taking place in your industry and the goals of your business.

Generally, it is advisable to review your business plan at least once every 6 months.

The following are some things you should review during your business plan update:

• The current state of the real estate market and how it has changed since you created your business plan
• Your marketing strategy and whether there are any new or better ways to reach your target market
• Changes in your team or staff and how they can affect your business
• Your budget and income and how these have changed since you created your last business plan
• New goals for your real estate business to help you determine what you need to do next in order to get the most out of it

Overall, reviewing your business plan is an excellent way to make sure that your business remains sustainable and efficient.

Final Thoughts

Creating a real estate business plan can seem like a daunting task, but it is essential to ensure the success of your business. By following the steps outlined in this article, you can create a plan to help you achieve your goals and grow your business.

Remember to review your business plan regularly to make sure that it remains relevant to the current state of the market and your business. Good luck!

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Real estate business planning for 2022 with brent lancaster.

Do you have a date on your calendar to start business planning for 2022? Agents with a plan are more likely to reach their financial goals than those who "wing it." However, there can be a lot of moving pieces involved before you can get a clear picture of what to focus on first. Our guest, Brent Lancaster, is not only knowledgeable in real estate, but he loves to educate agents on the business of real estate. This episode focuses on fun and practical ways to plan for your business in 2022 and highlights some of the important strategies to consider when balancing life and work.

[2:00] A little bit about Brent and his experience in real estate.

[4:50] Whenever you Google "business plan," the search results show something very complex and overwhelming.

[5:25] If you're a single agent and not part of a big team, Brent shares what you need to focus on first.

[13:00] If you want to be number one in your industry, there's going to be a cost. What are your priorities?

[18:50] Focusing on what you can control.

[19:35] What kind of data or information should an agent gather to fully flesh out their business plan?

[25:20] Marketing and money go together. Take an in-depth look at what you're spending on, and really assess if it's working or not.

[30:25] Brent shares ways to make a business planning session fun.

[35:40] If you have a team, ask them what their personal financial goals are. You have to find the motivation behind why your team does what they do.

[39:50] Whenever you hit a milestone, be sure to celebrate your wins with the team. These positive moments really drive up motivation, productivity, and morale!

[45:00] Brent shares why you should attend real estate conferences (and sales conferences) outside of your market.

[47:10] Monica shares some additional educational resources agents can leverage in their business.

[49:35] Monica has a new book out! Link in the show notes.

[51:15] How do you plan for both business and life?

[55:35] Brent's biggest tip? Stop telling your clients to call you "anytime"! You need some peace of mind.

"When you're looking at planning in 2022, set aside some money. How much money do you want to spend on an annual basis on marketing? Put a number on it." — Brent

"When you find out what drives people, later down the road, it helps you as a team leader to refocus them; to help them remember what their goal was." — Brent

"I prefer work/life harmony. You have total permission to love what you do and to work hard at it." — Brent

About Brent Lancaster

Brent Lancaster combines his love of the business of real estate with his passion for education. As president/CEO of one of the nation’s oldest real estate schools, BobBrooks.com, he offers a variety of solutions to the challenges agents face in today’s real estate environment.

In 2003, Brent developed his first online course and has spent every year since continually searching for innovative ways to bring quality and consistency to every agent using multiple delivery formats. Today, he continues to teach classroom instruction but has also transformed the traditional brick-and-mortar classroom into a multimedia educational experience.

Brent is also the broker/owner of his own real estate firm, Brent Lancaster & Associates. He lives in Baton Rouge, Louisiana with his wife, Laura, his two children, Leyton and Nate, and Lilly the office dog.

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9 simple steps to start a real estate business in 2022

As entrepreneur and author Robert Kiyosaki says, “Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.”

There are so many different ways to form a real estate business, it can be hard to know where to begin. In this article, we’ll take a look at 30 different ways to get into real estate, and nine steps to follow to form a real estate business.

Key Takeaways

• Entrepreneurs can make money in the real estate business by owning property directly, investing as a silent partner, and offering services to real estate investors.
• Examples of a real estate business include creating a smartphone app, becoming an appraiser or inspector, becoming a real estate agent or broker, lending money to real estate investors, and owning rental property as a buy-and-hold investor.
• Nine steps to form a real estate business include creating a business plan, choosing a business structure, selecting an accounting system, and researching single-family rental property to invest in.

What is a real estate business?

Let’s begin this article with an experiment. 

Open another tab on your browser and do a search for “Industries with the most career options.” Business sectors such as finance, research, investment, insurance, credit, management, and real estate will pop up. 

But instead of having to choose a single career, why not choose them all? When you think about it, one of the unique things about real estate is that almost every other type of career option can be used in a real estate company.

One of the benefits about the real estate industry is that there are so many ways to get started in the business. 

While a lot of people invest in real estate directly, others provide a real estate service. By the way, working with people who work in real estate can be a great way to learn about the real estate business as a prelude to investing and owning rental property.

30 examples of real estate businesses

Here are 30 potential ideas for starting a real estate business, listed in alphabetical order:

• App Developer
• Buy and Hold Investor
• Cleaning Service Provider
• Construction Contractor
• Fix and Flip Investor
• Handyman 
• Hard Money Lender
• Home Inspector
• Home Repair Service Provider
• Home Stager
• House Sitter 
• Investing Club
• Marketing Agency
• Online Training Course Lecturer
• Photographer
• Private Equity Manager
• Property Manager
• Real Estate Agent
• Real Estate Bird Dog
• Real Estate Blogger
• Real Estate Podcaster
• Syndication
• Vacation Rental Service Provider
• Vacation Rental Host

While not everyone who works in one of these 30 different types of real estate businesses becomes an investor, these positions can all provide a launch pad for a career as a real estate investor.

Earning rental income, profiting from potential appreciation over the long-term, and garnering tax deductions and benefits are just three of the many reasons for investing in real estate.

Now, let’s look at how to start a real estate business.

9 steps to start a real estate business

Once you’ve identified a niche for a real estate business, it’s time to take action. Here are nine key steps to follow to plan, launch, and grow a real estate business:

1. Clarify your idea

People who invest in real estate can be active, passive, or a combination of both. Examples of active real estate investing strategies include home wholesaling and fixing-and-flipping properties. On the other hand, other investors buy rental property to hold over the long-term through all phases of the real estate cycle .

Part of fine-tuning an idea for a real estate business is selecting a niche. Some common real estate business niches investors consider include single-family rental homes, small multifamily buildings, and group investing as a silent partner.

Finally, set a specific goal for the real estate business and develop small, actionable short-term steps to reach the long-term goal. For example, if the goal is to own 30 single-family rental homes in the next 15 years, come up with a plan on how to acquire an average of two houses each year.

2. Create a business plan

Most people are familiar with this quote from Benjamin Franklin: “If you fail to plan, you are planning to fail.”

According to research from the Small Business Development Center at Duquesne University , a good business plan helps entrepreneurs to focus on specific steps for success, and to achieve both short-term and long-term objectives.

A good business plan doesn’t have to be dozens of pages long, provided the plan is concise and to the point. Most people creating a real estate business plan include these sections:

• Executive Summary
• Company Overview
• Industry Overview
• Real Estate Market Research
• Customer Analysis
• Competitive Analysis
• Sales and Marketing Plan
• Operations Plan
• Management Plan
• Financial Plan

Sometimes people get stuck writing a business plan and stop right there. They never launch their real estate business to pursue their dreams. 

To help jump-start a real estate business, the Roofstock Academy teaches people how to leverage the experience and knowledge of investors who have created a repeatable process for analyzing, acquiring, and managing rental properties.

3. Calculate start-up costs

One of the best things about starting a real estate business is that the barrier to entry is extremely low. You don’t need an MBA or PhD, expensive office space, or employees. 

In fact, all a remote real estate investor needs is a laptop and good internet connection to analyze single-family investment opportunities on Roofstock from anywhere in the world. 

The exact expenses of starting a real estate business vary based on the type of business and investing strategy. Some common start-up costs to plan for in a real estate business include:

• Setting up a business entity, such as an LLC
• Applying for a business license
• Obtaining business insurance for the company
• Opening a business checking account
• Selecting a software system

4. Choose a business structure

According to the IRS, the most common forms of business are:

• Sole proprietorships
• Partnerships
• Corporations
• S Corporations
• Limited Liability Company (LLC)

Each type of entity for a real estate business has different tax and legal considerations to think about. Many investors consult with an attorney or certified public accountant when choosing how to form a business. 

Depending on the real estate business structure, an investor may need to choose a legal name, incorporate the business, and apply for an employer identification number (EIN) even if the business does not have employees.

5. Select an accounting system

There are plenty of generic, off-the-shelf software systems that a new real estate business can buy. Unfortunately, most store-bought accounting software is best for people who already understand how double-entry accounting works.

Stessa is a good, free accounting system designed by real estate investors for real estate investors that makes rental property finances simple. Stessa seeks to help rental property owners maximize profits through smart money management, automated income and expense tracking, and real-time insights to help grow a real estate business with confidence.

6. Obtain needed licenses

A real estate investor doesn’t need a real estate broker’s license to own rental property. 

The licenses and permits a real estate business needs will vary based on the state, county, and city the business is located in and the rental property location. The U.S. Small Business Administration (SBA) has a web page to help learn how to register a business , pay taxes, and obtain licenses and permits.

In some states, a rental property owner is required to collect a sales or rental property tax from a tenant and remit the tax to the city and state. The Department of Revenue website for the state the rental property is located in will have a section explaining how to apply for a tax license and what forms to submit.

7. Investigate business insurance

Every business is exposed to certain types of risks that could stop a new business in its tracks before it gets off the ground. There are several types of insurance a real estate business may require, depending on how the business is structured and the type of real estate investments made:

• Business owners policy
• Professional liability 
• Workers compensation
• Commercial auto insurance
• Home-based business insurance
• Cyber liability insurance
• Landlord insurance
• Rent default insurance

8. Create a pro forma

There are a variety of ways to invest in real estate. 

Participating in a crowdfund, buying fractional shares of a rental property, or being a silent partner in a real estate syndication or joint venture are some examples of real estate investing without owning property directly.

However, many real estate investors start out by purchasing a single-family rental home. Only having one lease and one unit to focus on reduces the learning curve. Houses can be found everywhere in the U.S., and financing is relatively easy compared to buying a large apartment building or commercial property.

When financing a residential rental property, interest rates and fees are usually higher than a mortgage on a primary residence, and lenders normally look for a down payment of at least 20%. For investors who plan on purchasing a small multifamily property and live in one of the units, both the FHA and VA guarantee multifamily loans.

Creating a good pro forma is an essential part of owning a rental property. A real estate pro forma is used to forecast what the income, expenses, cash flow, and net operating income from a rental property are or could be.

A basic pro forma for real estate includes:

• Projected gross income
• Vacancy loss when the property is unoccupied
• Other income (such as pet rent)
• Property management
• Maintenance
• Property tax
• Mortgage interest
• Capital expenditures

9. Research potential investments

After laying all of the groundwork for a real estate business, the fun part begins. 

The Roofstock Marketplace is the #1 marketplace for buying and selling investment properties, with more than $3 billion in completed single-family rental transactions in less than six years.

Every home listed for sale on Roofstock includes key real estate financial metrics, such as projected gross yield, cap rate, cash on cash return, and annualized return. In addition, the company offers the Roofstock Neighborhood Rating --the industry's first single-family rental ratings index for U.S. neighborhoods. Computed at the census tract level, this proprietary algorithm assesses neighborhood-specific risk and benefits based on key attributes such as school district quality, employment rates, home values and more.

Jeff has over 25 years of experience in all segments of the real estate industry including investing, brokerage, residential, commercial, and property management. While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios.

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National MREA Business Planning Clinic Presented by KWU

What’s in store for your business after q4 if you had to think about it for longer than five seconds, it’s time to get into action with the mrea business planning clinic .

Plan now so you can spend 2022 absolutely crushing your goals. 8 hours of focused business planning = 1 year of success!

• What: National MREA Business Planning Clinic
• When: October 20-21, Noon - 4 p.m. CT
• Where: LIVE on KWConnect.com or  Pivot: Shift Ahead  on Facebook
• Who: Hosted by Gene Rivers and other top agents like Mike Duley, Lesley Peters, and more!

Success in your business comes from knowing the answer to three questions: why? how? what? The MREA Business Planning Clinic answers all three. Built on the proven models of The Millionaire Real Estate Agent – a New York Times bestseller written by Gary Keller – MREA Business Planning Clinic will get your 2022 started with a bang: 

• Why: Discover your big why: the relationship between you and your goals.
• How: Determine exactly how to make those goals a reality.
• What: Get up each morning knowing exactly what you need to do to win the day.
• Use the MREA models to get more leads, listings, and make the most money in the least amount of time.

Gene Rivers is a KWU Master Faculty member as well as a national and worldwide speaker on Keller Williams models, systems and tools. He and his wife Rebekah own multiple businesses including a multimillion-dollar portfolio.

"Real estate agents are business owners. The U.S. Small Business Administration data says most small businesses will fail or not grow. Businesses that don't fail or stall have two things in common.  They are properly capitalized, AND they follow detailed written business plans on a constant basis. Invest in your business, and follow detailed written plans and you WILL achieve your dreams." – Gene Rivers

Ready to jump into action? Just add your info to the form for event updates and super-exclusive business planning tools!

Kroger-Albertsons merger trial: What to know about the proposed plan, possible impact on grocery prices

FILE-Image of a Kroger grocery store in Dallas, Texas, on Feb. 21, 2024. (Shelby Tauber/Bloomberg via Getty Images)

A three-week trial on the proposed Kroger-Albertsons started Monday as the Federal Trade Commission is pushing for a preliminary injunction that would block the merger while the agency’s complaint goes before an in-house administrative law judge.

The judge will hear from 40 witnesses, including the CEOs of Kroger and Albertsons, before deciding whether to issue the preliminary injunction. 

RELATED: Albertsons and Kroger agree to pause merger amid legal, regulatory challenges

According to the Associated Press, if the judge chooses to temporarily block the merger, the FTC's in-house hearings will start on Oct. 1.

What is the proposed Kroger-Albertsons merger?

Kroger and Albertsons agreed to a $24.6 billion merger deal in October 2022, which the entities said would help them better compete with Walmart, Amazon and other major companies that have stepped into the grocery business, the Associated Press reported. 

FOX Business noted that the companies agreed to temporarily delay their merger on July 27, 2024, as regulators pursued legal challenges to block the deal and a lawsuit filed by Colorado plays out. The move avoids the need for a preliminary injunction hearing that was scheduled to happen in September.

RELATED: Kroger, Albertsons identify nearly 600 stores to be sold in merger: Full list

According to the Associated Press, both companies are planning to sell 579 Kroger and Albertsons stores in locations where they overlap to C&S Wholesale Grocers, a New Hampshire grocery supplier and operator, for $2.9 billion. Under the initial plan, announced in September 2023, C&S planned to purchase 413 stores for $1.9 billion.

How many locations do Kroger and Albertsons have?

Kroger has 2,800 stores in 35 states, including brands like Ralphs, Smith’s, and Harris Teeter. 

Albertsons runs 2,273 stores in 34 states, including brands like Safeway, Jewel Osco, and Shaw’s. 

RELATED: Washington AG sues to block Kroger and Albertsons merger, warning of higher grocery prices

The AP noted that Albertsons and Kroger combined employ roughly 710,000 workers. 

What would be the market share in a Kroger-Albertsons merger?

If the merger happens, Kroger and Albertsons would control roughly 13% of the nation’s grocery market.

What is the FTC saying about the potential merger’s impact on grocery prices?

The Federal Trade Commission sued to prevent the $24.6 billion deal, with the agency arguing that it would stop competition and increase grocery prices. The FTC also alleges that employees' pay, and benefits would be reduced if Kroger and Albertsons no longer compete with each other.

What are Kroger and Albertsons saying about the merger?

When the proposed merger was announced in 2022, Kroger and Albertsons said the deal was necessary, so the retailers could better compete with Walmart, Amazon, and other industry rivals. 

Kroger told the AP that the merging of the stores would offer better and quicker access to fresh food, with 66 distribution centers and 52 manufacturing plants. Combined, Kroger and Albertsons operate in 48 states and the District of Columbia.

Kroger also shared with the AP that it would also reinvest roughly $500 million in price reductions, while spending $1.3 billion to improve Albertsons stores and $1 billion on higher worker pay and better benefits.

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